Pelosi: U.S. in 'Survival Mode'

In remarks just concluded, House Speaker Nancy Pelosi (D-Calif.) touted the need for a relief package to aid taxpayers, as opposed to the $700 billion bailout/rescue plan aimed at Wall Street.

"We're in a time when we need to tighten our belts," Pelosi said. "We need to take ourselves into survival mode."

A similar relief plan was passed by the House earlier this year but killed by the Senate ahead of a promised presidential veto.

The earlier relief bill included some $60 billion for new job creation; Pelosi said its reanimation would be similar in scope.

But Pelosi said that recent events have changed the landscape and made it more likely a relief package could pass.

Pelosi could have been referring to the last week's Worst Week Ever on Wall Street. Or she could have been referring to Sen. Barack Obama's (D-Ill.) 10-points-and-surging lead in the presidential race over Sen. John McCain (R-Ariz.), which could give the Democrats the Congress and the presidency.

-- Frank Ahrens

October 13, 2008; 1:01 PM ET  | Category:  business
Previous: U.S. Regulators Prepare to Move Beyond $700 Billion Bailout | Next: Treasury Pays Firm $2.5 Million to Consult on Bailout

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If this is for survival, why did Speaker Pelosi smile like a proud winner when she signed the bailout bill that we knew it will go beyond 700 billions?

Posted by: dummy | October 13, 2008 2:21 PM

Pelosi is also in "survival mode" as Cindy Sheehan moves closer to ousting her in the San Fancisco district.

Pelosi took impeachment off the table.

Now Sheehan will take Pelosi off the table too!

Posted by: KEVIN SCHMIDT | October 13, 2008 2:36 PM

Send them all packing!

Posted by: jeyre | October 13, 2008 2:37 PM

Madame Speaker, have you lost your mind? In case you missed it in 12th-grade economics class, the economy largely functions on the confidence of investors and consumers. Please, if you don't have the common sense to NOT say things like "survival mode," just be quiet. And I'm a Democrat, by the way.

Posted by: Kristen | October 13, 2008 3:01 PM

Pelosi gave Obama her full support when he needed it most: during the crucial battle against Hillary. Obama will have no option but signing all the pork Pelosi sends to his desk.

Posted by: Scooby | October 13, 2008 3:03 PM

I don't frankly care who wins the presidential election, but Pelosi has to go regardless of who wins.

She says stupid stuff, she is not clever about her job. She has all the insight of some yenta jabbering across the backyard fence about how her mousy husband can't get respect. She fearmongers.

She defines what's wrong with Washington.

Michelle Obama would do an infinitely better job than this old party hack. Blech!

Posted by: Common Sense | October 13, 2008 3:09 PM

If it will it will. Don't forget that there's a war going on, so it's everything for victory and nothing for defeat. Personally I'd spend the 700 billion on defense instead of Wall Street. Look where the Wall Street spending led. Right into the bottom of hell and they want more money. War is hell too, but at least the fight is honorable and the cause just. Try finding any justice on Wall Street.

Posted by: Night Mayor | October 13, 2008 3:32 PM


European Crisis Deepens; Officials Vow to Save Banks

The credit crunch deepened in Europe as government leaders pledged to bail out troubled banks and protect depositors. Leaders of Europe's four biggest economies stopped short of a plan mirroring the $700 billion rescue in the U.S. and instead agreed to work together to limit the economic fallout, ease accounting rules, and seek tougher financial regulations. French President Nicolas Sarkozy called for a global summit to implement complete reform of the international financial system. We want a new world to come out of this,'' Sarkozy said.

----------

If you had any doubt, the purpose of this financial meltdown has been stated above, "We want a new world to come out of this".

Posted by: Concerned U.S. Citizen | October 13, 2008 4:26 PM

The new world order kind of turned into disorder. Order will be restored in the same way it has always been restored. We have it within our power to make the world all over again. Maybe new relationships will come out of the crisis. A better world is always possible. I'm in deep here.

Posted by: Night Mayor | October 13, 2008 6:32 PM

Posted by: benq11 | October 14, 2008 12:47 PM

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