Bush Is Confident of Congressional Passage

President Bush, meeting in New York with Pakistan's President Ali Zardari, told reporters that he is confident Congress will pass the $700 billion economic recovery package that is being debated on Capitol Hill.

Bush said he has assured other world leaders that the United States was taking the right steps to deal with the crisis, the Associated Press reported from New York. Bush said that he told them the administration's proposal "is a robust plan to deal with a serious problem."

He also said the reassured them that members of Congress are eager to get a deal quickly on the legislation.

"I'm confident there will be a bipartisan bill, that Republicans and Democrats will come together," he said, according to AP.

September 23, 2008; 9:14 AM ET  | Category:  business
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So president dum dum speaks, and we should all feel better. Hasn't worked yet.

Posted by: Yuri ipitzmeov | September 23, 2008 9:30 AM

This guy has presided over the greatest decline in this nation's history. He should be hung from the dome of the Capitol for High Crimes and Misdemeanors. And a rope should be tied around his ankles with the noose wrapped around Dick Cheney's fat bulging neck.

Posted by: Why Should We Believe This Lying Tird? | September 23, 2008 9:35 AM

Is there anybody left anywhere that believes a word this fool has to say? Heckuva job, Puddinhead...mission accomplished.

Posted by: nighthawksoars | September 23, 2008 9:42 AM

I hope Bush is wrong. I hope the bailout will look nothing like what Sec. Paulson and Bernanke are proposing. The money should go to people about to lose their homes, and to improving the nation's infrastructure not to the conniving bankers of Wall St.!

Posted by: Betty Louann | September 23, 2008 9:57 AM

WE SHOULD BE MORE CONCERNED WITH WHERE THE MONEY WENT AND WHO IS RESPONSIBLE THAN WHERE THE MONEY IS GOING TO COME FROM; IT IS GOING TO COME FROM HARD WORKING AMERICAN TAXPAYERS AND THE THIEVES WILL SKIP OFF INTO THE SUNSET.

Posted by: robert | September 23, 2008 10:06 AM

No bailout. Let BK judges adjust mortgages which they cannot do now. The American taxpayer is not a piggybank for the wealthy and privileged when they engage in an decadent orgy of financial speculation and irresponsibility. . If Joe Investor can lose everything he has by making unwise investments so can these companies. This will pave the way for those people who have behaved responsibly to rise to the top instead of keeping the greedy and irresponsible at the top by government mandate. Paulson worked for Goldman which is one of the companies hoping to be bailed out. Why should this guy be the architect to help his friends in that investment firm and others he knows. The fox guarding the hen house. Even an illiterate farmer knows better than that. It has been stated that "The aim is for the government to buy the securities at a discount, hold onto them and then sell them for a profit."
Then why don't these companies hold onto these securities and sell them at a profit later.
BECAUSE THERE'S NOT GOING TO BE ANY PROFIT. WHY ELSE WOULD THEY WANT TO UNLOAD THEM ON THE AMERICAN TAXPAYER. There's going to be a profit and that's why they want to let someone else make it? This is a con job.
Also how is buying up credit card debt or car loan debt money going to be recovered as Senator Dodd seems to fantasize or, quite frankly, i'm not sure of what he is saying, but i don't think he does either. These bad loans are a total write off. This is Senator Dodd's brilliant thinking. this man is chairman of the Banking and Finance committee. No wonder we have a disaster.
In addition, "Another point of dispute is Democrats' insistence that the government be given authority to cut the salaries of executives and restrict their severance packages if they take taxpayer money. Paulson has said such a move would be "punitive" and deter companies from participating in the bailout."
If they don't want to participate then they don't need the money, so why are we giving it to them?]
This "bailout" is bad for the taxpayer,bad for the economy and bad for America.
I thought that so smart tax cut of George W. Bush was going to make the economy stronger. And if we don't act on Iraq we are in "danger". Sorry, you guys have bungled things long enough. Let the market play out. Let these people who made these bad decisions find out what's its like to have to get out and find a job(a job they may not like:lots of Americans have them) and live within their means. No more opulent lifestyle. Too bad. They had their chance. Now let those who behaved responsibly lead the way.

Posted by: same old fear tactics | September 23, 2008 10:06 AM

Bush confident and why not? The only thing he can control are the Democrats in Congress. They will cave again as usual.

Posted by: Patriot3 | September 23, 2008 10:12 AM

How convenient for mccain for the republicans to submit a $700B spending bill that the republicans in the senate is now lining up behind mccain. republicans play a mean game at a time that many Americans are being screwed. America wake up, the only thing the republicans are interested in is republicans.

Posted by: EH | September 23, 2008 10:13 AM

GOP REPUBLICAN WALL STREET SUPERCAPITALISM AT ITS WORST

Executive salaries, CEO bonuses, grand robberies of the U.S. TREASURY in the $MILLIONS, $BILLIONS, and $TRILLIONS.

GOP REPUBLICAN WALL STREET SUPERCAPITALISTS robbed the AMERICAN PEOPLE of a $Trillion. RULE OF LAW states that the AMERICAN PEOPLE will be protected and all private properties, money, and wealth domestic and abroad owned by GOP REPUBLICAN SUPERCAPITALISTS taking part in robbing the U.S. TREASURY (AMERICAN PEOPLE) will immediately be confiscated and returned to the U.S. TREASURY (AMERICAN PEOPLE).

INSIDE JOB AT THE HIGHEST LEVEL:
GOP REPUBLICAN WHITE HOUSE ILLEGAL WARS AND
WALL STREET CRIMINAL DEREGULATED SPECULATIONS

You asked for it and you got it. GOP REPUBLICANS INSIDERS McCain, Bush, Cheney, and Rice were hired by Super-Capitalists (Super Wealthy GOP REPUBLICANS) to start Illegal Oil Wars against Oil producing Nations and DEREGULATE (eliminate AMERICAN PEOPLE PROTECTION) the FEDERAL GOVERNMENT (White House, Congress, Supreme Court), TREASURY and WALL STREET. These INSIDERS did exactly what they were paid to do.

Through massive GOP REPUBLICAN SPONSORED DEREGULATIONS, GOP REPUBLICAN CEOs, Treasury Secretary, Wall Street Speculators, White House Administration, Cabinet Members, and their insider friends each walked away with more than $20,000,000 annually of money stolen directly from the U.S. TREASURY (AMERICAN PEOPLE). After eight years of GRAND FRAUD AT THE HIGHEST LEVEL, thousands of GOP REPUBLICANS ROBBED OUR UNITED STATES TREASURY OF $1TRILLION (ACTS OF TREASON AGAINST THE AMERICAN PEOPLE).

The AMERICAN PEOPLE will hold ALL GOP REPUBLICANS INVOLVED in these ACTS OF TREASON accountable before a TRIAL. ALL GOP REPUBLICANS INVOLVED in these ACTS OF TREASON will have ALL OF THEIR PROPERTIES (corporate and private, domestic and foreign sheltered) CONFISCATED, SOLD and RETURNED to OUR NATIONAL TREASURY (AMERICAN PEOPLE). The UNITED STATES CONSTITUTION (WILL OF THE AMERICAN PEOPLE) shall prevail, despite the criminal efforts of GOP REPUBLICAN WALL STREET SUPER-CAPITALIST CRIMINALS.

CONGRESS WILL NOT ADJOURN UNTIL AFTER THE GOP REPUBLICAN PARTY FIX THEIR COLOSSAL MESS

GOP REPUBLICAN JOHN MCCAIN WALL STREET DEREGULATIONS
GOP REPUBLICAN JOHN MCCAIN ALSO WANTED TO PRIVATIZE SOCIAL SECURITY (BONEHEAD)
GOP REPUBLICAN JOHN MCCAIN sponsored landmark legislation in 1999 that removed the walls between banks, investment firms and insurance companies. GOP REPUBLICAN JOHN MCCAIN bill allowed a company like AIG to expand beyond its traditional insurance business (which is still profitable) into exotic new extremely high risk products that brought the company down and created this colossal mess.

WALL STREET SRO - SELF REGULATORY ORGANIZATION
THE GOP REPUBLICAN RUN Government (GOP President, GOP Congress, GOP Supreme Court) looked the other way, while GOP REPUBLICAN Super-capitalist Obscenely Rich WALL STREET SRO Speculators Robbed Our U.S. TREASURY and Forced the $Trillion Debt Upon the AMERICAN PEOPLE.


Average Americans are becoming poorer, because GOP REPUBLICAN WALL STREET super rich SPECULATORS and corporate CEOs are paying themselves, business partners, friends, and family members at least $10,000,000 annually from MONEY STOLEN FROM THE U.S. TREASURY. These major crimes committed by WALL STREET SPECULATORS AND CEOs have gone beyond greed and into acts of treason against the AMERICAN PEOPLE. Seize the stolen money and properties valued in the $TRILLIONS back from these super criminals for attacking America. Those stolen $MILLIONS / $BILLIONS / $TRILLIONS belong to the AMERICAN PEOPLE.

RULE OF LAW states that the People of the United States will be defended. Those who attack American Citizens will be prosecuted. WALL STREET SPECULATORS and CORPORATE CEOs dictatorship over the AMERICAN PEOPLE is over. Average Americans are not going to accept WALL STREET CORPORATE CRIMES anymore. Rights of Citizen and Average Workers of the United States will be enforced. The AMERICAN PEOPLE will always come before corporate interests, because Americans Love America more than Wall Street Speculators love greed.


GOP REPUBLICAN WALL STREET $TRILLION FRAUD AGAINST THE AMERICAN PEOPLE

Direct impact of GOP McCain sponsored deregulations
Bankrupt and floundering
Failure of the investment bank
Government's takeover

GOP REPUBLICAN WALL STREET's business model has collapsed

Greed and fear routinely govern GOP REPUBLICAN WALL STREET financial markets and GLOBAL CRISIS.

GOP REPUBLICAN WALL STREET (giant investment houses, brokerage firms, hedge funds, "private equity" firms) irresponsibly TRADED the savings of average Americans (placed LAS VEGAS STYLE BETS on extremely high risk stocks, bonds, and other securities).

DUBIOUS MORTGAGES were PACKAGED into BONDS and SOLD and TRADED. Investment houses had huge incentives to increase LEVERAGE (OBSCENELY HIGH BORROWING).

GOP REPUBLICAN WALL STREET compensation is heavily skewed toward annual bonuses, reflecting the profits traders and managers earned in the tune of lavish base salaries and obscenely high annual bonuses of $20,000,000.

GOP REPUBLICAN WALL STREET relies heavily on OBSCENELY HIGH LEVERAGE (OBSCENELY HIGH BORROWING). $3 Trillion (stocks, bonds, other securities) backed by only $80 billion in shareholders' equity while the $2.8 Trillion was LEVERAGE (BORROWED).

Leverage (huge borrowing) can create huge debts (huge principal and interest obligations)

GOP REPUBLICAN WALL STREET is a manic machine for gambling.
Traders and money managers are given huge incentives to do whatever would increase short-term profits.

For decades, GOP REPUBLICAN JOHN MCCAIN sponsored legislation that broadly deregulated WALL STREET banking and insurance industries.

GOP REPUBLICAN JOHN MCCAIN swept away Consumer Protection legislation and opened the way for a less restricted high risk financial marketplace.

While the GOP REPUBLICAN WALL STREET boom continued, government (White House, Congress, Supreme Court) looked the other way.

GOP REPUBLICAN Congress resisted tougher regulation and permitted WALL STREET to run out of control at obscenely high LEVERAGE (OBSCENELY HIGH BORROWED MONEY) RATIOS perpetrating intentional fraud against the AMERICAN PEOPLE.

GOP REPUBLICAN WALL STREET leaders intentionally deceived customers and lenders into taking hazardous risks for short-term rewards regardless of the long-term dangers to the AMERICAN PEOPLE.

Mortgages went bad. The powerful high leverage went into reverse. Losses eroded firms' capital bases and raised doubts about their survival.

Financial firms took major stupid and wasteful risks that severely damaged the American Economy and impeded economic recovery.

GOP REPUBLICAN STOCK MARKET $TRILLION FRAUD has deepened consumers' pessimism, fear and reluctance to spend. There may be more failures of FINANCIAL FIRMS.

GOP REPUBLICAN WALL STREET financial crises resemble the GOP REPUBLICAN illegal miscalculated war.


How were we ever made to believe that the now-collapsing GOP REPUBLICAN WALL STREET model ever made sense? Common sense should have told us that making RISKY BETS with HUGE AMOUNTS of BORROWED MONEY was a DANGEROUS GAME; if the bets pay off you make money beyond your wildest dreams, but if they go bad you face utter ruin.

Common sense should have told us that betting fortunes on meaningless fluctuations in stock, bond or currency values (McCain sponsored deregulated hedge funds) was about as productive as a trip to Las Vegas. Common sense should have told us that buying and selling exotic securities based on other securities based on bundles of mortgages that were treated like mere numbers on a balance sheet (no recognition that the whole iffy construct was based on real people living in real houses that they might or might not be able to afford) was not an intelligent endeavor.

Somehow, we all forgot that "HIGHLY LEVERAGED" is just another way of saying "DEEPLY INDEBTED." Now we've had a wake-up call, and maybe the erstwhile Masters of the Universe will have to stop playing with imaginary money and go back to using the real stuff.

Posted by: GOP REPUBLICAN UNPATRIOT ACTS AGAINST AMERICA | September 23, 2008 10:14 AM

Those CEO's deserve to walk away without a dime. Severence package??? come on! This is ridiculous folks. Does anybody out there in the real world get that Republicans only care about big business?? They protect their own while the "other people" go out and work to pay for it. I agree with same old fear tactics. Let the chips fall where they may. It may cause a depression far greater than that of the great depression, but it would bring people back to reality on what's really important. I am tired of paying for corporate messess.......

Posted by: Brie | September 23, 2008 10:17 AM

Question:What do you call a Republican that has an IQ of only 4?

Answer: President George Walker Bush the Crawford, Texas Village Idiot.

Posted by: george33 | September 23, 2008 10:36 AM

Not so fast, Kimosabe. Your presidency is waining and no one listens to you anymore or cares what you say anymore or will do what you say without it being studied extensively.

Posted by: january13 | September 23, 2008 10:46 AM

A $700 BILLION Bailout??? Half a year's worth of federal annual budget?

Let's see... wasn't it just 4 years ago that $87 Billion could run a WAR for a YEAR? And Congress balked at that figure ("I voted FOR the $87 Billion before I voted against it..."). What have we spent IN TOTAL on Iraq? I don't think we've gotten close to $700 Billion yet, and now they want to spend that amount on bailing out a bunch of misbehaving children on Wall Street??

I thought investors understood that they're putting their money at RISK, and that RISK was part and parcel of the opportunity for high returns! Why is it now the responsibility of the average taxpayer to bail out those who managed their money with less responsibility than a drunken sailor? (With apologies to our sober and responsible men and women at sea!)

Our Manufacturing Industry has been taxed and regulated into moving off-shore. Maxine Waters wants to take over the Oil Industry. Hillary wants to take over the Health Care Industry. And now the Financial Industry is in the process of being taken over. Socialism IS conquering us!

I want Paulson's & Bernake's heads on a platter.

Good bye, America... you've had a nice run.

Posted by: edeldoug | September 23, 2008 10:49 AM

What do the top ten cities with the highest poverty rate all have in common? Democrat leadership.

Detroit, MI (1st on the poverty rate list) hasn't elected a Republican mayor since 1961; (47 years)

Buffalo, NY (2nd) hasn't elected one since 1954; (54 years)

Cincinnati, OH (3rd)... since 1984; (24 years)

Cleveland, OH (4th)... since 1989; (19 years)

Miami, FL (5th) has NEVER had a Republican Mayor;

St. Louis, MO (6th).... since 1949; (59 years)

El Paso, TX (7th) has NEVER had a Republican Mayor;

Milwaukee, WI (8th)... since 1908; (100 years)

Philadelphia, PA (9th)... since 1952; (56 years)

Newark, NJ (10th)... since 1907. (101 years)

Einstein once said 'The definition of insanity is doing the same thing over and over again and expecting different results.' It is the disadvantaged who habitually elect Democrats --yet they are still disadvantaged .

Posted by: Truthteller | September 23, 2008 10:51 AM

A key sign of intelligence that seperates human beings from animals is our ability to recognize patterns. I guess TT's post shows the people in these cities ain't too bright!

Posted by: Jason the Mason | September 23, 2008 10:53 AM

George. Is he as confident in this bill as he was in the fundamentals of the US economy two weeks ago?

Posted by: basementfrog | September 23, 2008 11:51 AM

“Decisions by the Secretary of the Treasury pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency,” the original draft of the proposed bill says.

And with those words, the Treasury secretary will be with vested with perhaps the most incredible powers ever bestowed on one person over the economic and financial life of the nation and the ability to spend your tax dollars saving his friends. The biggest rescue and the most amazing power grab in the history of the American economy. The bill gives the Treasury Department a blank check with your money, and grants “greater powers to the secretary of the Treasury than even the president enjoys.” He can spend your money anyway he wishes without congressional oversight or objection.

The bill effectively creates protections not just for the Treasury, but for the executives on Wall Street who created this near financial Armageddon. The bill “prevents judicial review that could allow the protection of decisions that create false marks, hide prior marks, or could be used to prevent civil or criminal prosecution in situations where a management knowingly provided false marks that aided the growth of this crisis of confidence.” (False marks — using mark-to-market accounting to hide the true value of security, rather than disclose it honestly — has a lot to do with why Jeffrey Skilling, the former Enron chief executive, is in jail. )

Of course, the sickest part is that Wall Street is lining up at the trough for a piece of the action, lobbying to run some of the $700 billion fund — and take huge fees — for their own mess. WHAT??

TARP should stand for “Total Abdication of Responsibility to the Public.” It is “a clear abdication of all Congressional oversight and fiscal authorities to a secretary of Treasury that has bungled this crisis from the beginning.” A few weeks ago he didn’t even know we had a problem. Yea, let’s give him the keys to the treasure chest.

“The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this act, without regard to any other provision of law regarding public contracts.”

The lack of transparency and oversight that got our financial system in trouble in the first place seems written directly into the proposed bill, known as TARP, or the Troubled Asset Relief Program.

There is nothing in the bill that will prevent these problems from happening again. The bill doesn’t address adding greater transparency in investments in subprime loans and securities and credit derivatives, which led directly to the debacles. The bill does nothing to rein in the credit-default swap market, which has turned out to be the weapon of financial mass destruction.

“Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.”

There is jockeying among the banks so they can sell their absolute worst stuff to the government — even loans that have nothing to do with mortgages — and change the rules in the process. The Financial Services Roundtable, which represents big financial services companies, wrote an e-mail message to members on Sunday suggesting, laughably, that “the government bid for the assets should not count as a mark-to-market value for accounting purposes.” In other words, if the government drives a hard bargain — as it should — the banks don’t have to take write-downs based on the price the feds pay to take junk off their balance sheets which allows them to stay in business. GEE, I wonder if the Republicans will listen to these guys?

You gotta ask: why are they even being allowed to speak? Here is what the taxpayers are going to give you, now shut up.

“Maybe I should move to Russia,” one titan of finance said to me. “It’s obscene, the whole thing. I’m embarrassed for myself.”

Actually, I’ve got a better suggestion: Venezuela.

On Friday last week, Hugo Chávez, the Socialist president of Venezuela, gave a speech in Caracas where, according to Reuters, he said, “The United States has spent $900 billion, four times what the Venezuela produces in a year, to try to boost the troubled finance system and housing market.”

Gloating, he added: “They have criticized me, especially in the United States, for nationalizing a great company, CANTV, that didn’t even cost $1.5 billion.”

A leader we can trust. I’m moving. I smell el diablo!

Posted by: basementfrog | September 23, 2008 11:54 AM

Georgie-Porgie Shrub: "I'm confident there will be a bipartisan bill..."

If by "bipartisan" shrubbie means "No Republicans", then maybe something of substance will be accomplished.

Posted by: Karl Rove's Penis | September 23, 2008 1:09 PM

Isn't this strike 4 for Shrub?

1) Arbusto, an oil exploration company, lost money, but it got considerable investments (nearly $5 million) because even losing oil investments were useful as tax shelters.

2) Spectrum 7 Energy Corp. bought out Arbusto in 1984 and hired Mr. Bush to run the company's oil interests in Midland, Texas. The oil business collapsed as oil prices plummeted by 1986, and Spectrum 7 Energy was near failure.

3) Harken Energy acquired Mr. Bush's Spectrum 7 Energy shares, and he got Harken shares, a directorship, and a consulting arrangement in return. Harken, under Bush, brought in Saudi real estate tycoon Sheikh Abdullah Bakhsh as a board member and a major investor. Over the next few years, Harken would turn out to have links to: Saudi money, CIA-connected Filipinos, the Harvard Endowment, the emir of Bahrain, and the shadowy Bank of Credit and Commerce International.
A 1991 internal SEC document suggested George W. Bush violated federal securities law at least 4 times in the late 1980s and early 1990s in selling Harken stock while serving as a director of Harken. This is essentially the same kind of activity that Martha Stewart is going to prison over. Except at the time of the investigation, Mr. Bush's father was president and the case was quietly dropped.

4) The Government of the United States of America, where over 300,000,000 shareholders were swindled out of their net worth, the infrastructure was utterly destroyed, and the business leaders ran off with all the cash leaving the problems to the next government.

Posted by: Dick Cheney's Penis | September 23, 2008 1:15 PM

Wow at least we now know what compassionate conservatism means!

Those poor Wall Street Executives...tsk...tsk. In the meantime can I have a job so I can get back on my feet? No 700 Billion to help me jack. I'm on my own. So they should be.

Palin was a perfect pick for Veep. We're getting raped and they are chargin us for the rape kit.

Posted by: Linda | September 23, 2008 4:16 PM

Of course he's confident! They're all in on the same god damned scheme!

Posted by: Nanpelosi Rice | September 24, 2008 8:42 PM

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