President Bush Speaks to Nation of Looming and Dire Economic Crisis

President Bush on Wednesday evening told Americans and lawmakers that failure to pass the proposed $700 billion financial rescue plan will risk erasing retirement savings, cause increasing home foreclosures and job losses. He said: "Our entire economy is in danger".

In his 12-minute prime-time speech the President said: "Without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold". In the last few days President Bush has received a lot of input and feedback from lawmakers about the proposed bailout plan. The stakes are high and the President has had to agree to many changes to the plan brought forth by both conservative and liberal lawmakers. However, President Bush says he draws the line at regulations that would hurt economic growth.

The President urged that the tough-sell and very expensive bailout must be enacted ASAP. He said during his speech: "Ultimately, our country could experience a long and painful recession." "Fellow citizens, we must not let this happen."

Last week the White House and Congress agreed to the bailout. Since that time, there has been widespread criticism of lawmakers for lack of foresight concerning the housing crisis, handling of the economy, as well as the bailout plan itself. Many find the price tag very difficult to digest while others oppose the magnitude of government intervention in the private-sector economy.

Conservative lawmakers find it very difficult to agree to taxpayer money being used to help save businesses that got them in trouble in the first place. Many Democrats have come out in the last few days expressing their distaste for CEOs of failed companies who could be inadvertantly rewarded with generous income, bonus and severance packages.

President Bush stated: "With the situation becoming more precarious by the day, I faced a choice: to step in with dramatic government action or to stand back and allow the irresponsible actions by some to undermine the financial security of all." "These are not normal circumstances."

Here is a link to a transcript of the President's speech: http://www.iht.com/articles/2008/09/25/business/24textbush.php?pass=true