U.S. President George W. Bush, saying "our entire economy is in danger,"
"We're in the midst of a serious financial crisis, and the federal government is responding with decisive actions,
He said passage of the $700 billion bailout proposal was needed to restore confidence in the market.
"I'm a strong believer in free enterprise, so my natural instinct is to oppose government intervention," he said. But "these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence.
"Without immediate action by Congress, America can slip into a major panic." Watch Bush warn of the consequences »
If Congress fails to approve the rescue plan, the nation could face a "long and painful recession," Bush said.
http://www.cnn.com/2008/POLITICS/09/24/bush.bailout/index.html
Hm, looks like Obama AND Bush both agree with the general idea of bailouts.
"We're in the midst of a serious financial crisis, and the federal government is responding with decisive actions,
He said passage of the $700 billion bailout proposal was needed to restore confidence in the market.
"I'm a strong believer in free enterprise, so my natural instinct is to oppose government intervention," he said. But "these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence.
"Without immediate action by Congress, America can slip into a major panic." Watch Bush warn of the consequences »
If Congress fails to approve the rescue plan, the nation could face a "long and painful recession," Bush said.
http://www.cnn.com/2008/POLITICS/09/24/bush.bailout/index.html
Hm, looks like Obama AND Bush both agree with the general idea of bailouts.