Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Bush Addresses Steep Market Drop

With the Dow down more than 400 points and investors around the world wondering why the approval of the $700 billion bailout hasn't started to turn around the markets, President Bush today told reporters "it's going to take a while" for the rescue plan to work.

"We don't want to rush into this situation and not have this program be

effective," Bush said after a visit to Olmos Pharmacy, an old fashioned

soda fountain restaurant in San Antonio, Tex.

The Post's Dan Eggen reports that Bush met with a group of small business owners, including an auto repair shop owner and two restaurateurs, after attending a GOP fundraiser in a nearby San Antonio suburb. Bush said the entrepreneurs were being squeezed by the economic problems.

"Its clear that these business leaders are dealing with the credit crunch,"

Bush said. "...Inherent in the strategy of the rescue plan is to free up

credit...But its going to take awhile to get in place."

-- Michael S. Rosenwald

By Michael S. Rosenwald  |  October 6, 2008; 12:17 PM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Waxman Takes on Lehman CEO at Hearing
Next: World Bank President: Include Developing Countries in Economic Plans

Comments

Does anyone truely beleieve that Bush or anyone in his administration will use this money to help the average citizen? His performance over the past 7+ years has shown that he uses fear to get his way then afterward we find out that most if not all the informaton is a lie. Also everyone keeps talking about the 700 billion. that is wrong! it is 850 Billon. No one seems to mention the 150 billon in pork that was added to the bill. The only one this helps is the bankers and traders that got us into this mess in the first place. The goverment thinks the American citizen is an idiot and from what we have allowed the Bush administration and Congress to get away with during the past 8 years and then the bailout of the crroks on wall street prove them right.

Posted by: Bob | October 6, 1908 12:25 PM | Report abuse

You can rush into debt, but you can't rush out of it. Now the people that are in deep are going deeper. I'm down to the priceless stuff here. It's all paid for and they want to take that and turn it into a pile of junk to float more debt and eat up more wealth. It's lunch time. Good luck Post. Try not to rush.

Posted by: Anonymous | October 6, 1908 12:31 PM | Report abuse

***Bush Addresses Steep Market Drop***

go shopping! everyone.... heh.heh.heh.


so much for that awesome harvard mba... oh right, it's all those elite school grads that devised the thieving systems necessary to loot the treasury of the united states. how's that working out for everyone...

Posted by: linda | October 6, 1908 12:34 PM | Report abuse

This whole bailout will FAIL! By the time they get ready to buy these debts the Dow will be at 5000.

Just loan these banks the money at say 80 cents on the dollar of these debts NOW. Then have them repay the loan at say 3% interest over 10 or 15 years.

Instead they will be dicking around for months to find the right price for these bonds.

IDIOTS!

Posted by: Anonymous | October 6, 1908 12:36 PM | Report abuse

"These are the times that try mens souls" ... There is no quick solution to what is happening now. The correction is not solely a matter of numbered spread sheets ... there is a moral underpinning to the foolish greed that has run rampant among those who sought and indeed secured vast sums under the pretence of 'Doing Business' and the result is about to be experienced by those who allowed themseves to be led into the abyss.

Plant your corn early and plant it deep!

Posted by: Barrie O. Ward The Canadian Geezer | October 6, 1908 12:37 PM | Report abuse

Geez, the Republicans have abandoned enriching the wealthiest through tax policy and moved on to just handing treasury money directly to them! If any of these bailout billions/trillions reaches Main Street, it will be in the form of loans. We give public money to the richest, so they can lend it back to us, and we can be in perpetual indebtedness to them. What a wonderful system...

Posted by: Chris | October 6, 1908 12:39 PM | Report abuse

"We don't want to rush into this situation and not have this program be
effective," Bush said....

CAN WE IMPEACH HIM NOW OR DO WE STILL HAVE TO WAIT FOR SOMETHING WORSE????

This is pretty much the SAME THING HE SAID about Iraq....and yet they remain ignorant. How long will it take for people to WAKE UP and OUST THIS FOOL? This was a bad plan ON PAPER yet again he's "cried wolf" to get then to sign...not knowing Palin shot it from a helicopter and cut off his front leg. NO WOLF now what? What a chaotic failure for the man who would unite America and protect us from our enemies. Who the hell will save the U.S. from THE AMERICAN ERRORIST. PEOPLE PLEASE VOTE responsibly and consider the REAL FACTS AND RECORDS- not on "rhetoric, slander and folksy fallacy".

I STILL fail to see how Clinton's transgressions trump this debacle of epic proportions.

Posted by: Anonymous | October 6, 1908 12:50 PM | Report abuse

the govermenet will continue to act???

http://www.greenfaucet.com/blogs/hanlons-pub

Posted by: mace.bruce | October 6, 1908 12:53 PM | Report abuse

Barrie O. Ward The Canadian Geezer-
I concur m'friend. That hole looks mighty deep!

Posted by: NoElleNo-=anonymous! | October 6, 1908 12:55 PM | Report abuse

Irrelevant what he thinks or says.

Posted by: Venkat | October 6, 1908 2:15 PM | Report abuse

Foreigners put their money in U.S. markets because our economic system was governed by laws and overseen by regulatory agencies that removed most of the funny business that causes losses in foreign markets. Then came Reagan and the Bushes, who transformed the U.S. system of openness and transparency into a corrupt system of greed and take-it-and-run. I am a bit concerned that the 70% of $1 trillion given to the government to bail out failed financial institutions may go instead to the same greedy bostages who caused the failures in the first place and leave the economy in ruins.

Posted by: BlueTwo1 | October 6, 1908 2:50 PM | Report abuse

"it's going to take a while" for the rescue plan to work.

Yea, about two more months when he leaves office....

Posted by: Stephen | October 6, 1908 4:15 PM | Report abuse

Are you better off than you were eight years ago?

GAS Prices January 19, 2001: $1.45/Gallon
GAS Prices October 6, 2008: $ 3.89/Gallon

DOW January 19, 2001: 10,587.59
DOW October 6, 2008: 9,955.50

NASDAQ Jan 19, 2001: 2770.38
NASDAQ October 6, 2008: 1862.96

CPI, January 19, 2001: 175
CPI, September, 2008: 315

Dollar exchange with Euro, Jan. 19, 2001: 1.068
Dollar exchange with Euro, October 6, 2008: .733

Are you better off than you were eight years ago?
Better yet, are you ready for another four years same as last eight?

--------

Posted by: KaneM | October 7, 1908 8:12 AM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company