Bush's Legacy: Financial Crisis
The nation's financial crisis has become a bookend to President Bush's two terms.
When Bush leaves office next Tuesday, he will hand over an economy struggling to recover from the collapse of the housing market and a Wall Street shake-up that led to the disappearance of banking giant Lehman Brothers, the fire sale of Merrill Lynch and the creation of a $700 billion federal bailout fund to stem the tide.
The infusion of government money was pushed by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke but Bush has pledged that the government will be able to "recoup much, if not all, of the original expenditure."
It's unclear what impact the government bailout will have on the fledgling economy, with experts warning that it could take months or years for the financial cloud to lift.
Bob Woodward, the investigative reporter who authored four books on the Bush presidency, recounted an off-the-record dinner last year. Vice President Dick Cheney was one of the attendees and one of "Wall Street's barons" turned to Cheney and said, "We are going into the soup. We are in and on the edge of a real crisis."
Cheney "just kind of sat there and smiled," Woodward said.
In a 13-minute speech last night to the nation on the eve of President-elect Barack Obama's inauguration, Bush defended many of his policies, adding that, "These are very tough times for hardworking families, but the toll would be far worse if we had not acted," he said. "All Americans are in this together. And together, with determination and hard work, we will restore our economy to the path of growth."
By Derek Kravitz |
January 16, 2009; 8:14 PM ET
The Bush-Cheney Legacy
Previous: Political Meddling in the FDA, Unhealthy Mining, More Blagojevich Scandal | Next: Border Agents Win Early Release, Cheney Records Dispute, Facebook Mafiosi?
Please email us to report offensive comments.
Posted by: thetravelingmasseur | January 16, 2009 8:56 PM
Posted by: John1263 | January 16, 2009 11:11 PM
Posted by: DaveMiner | January 16, 2009 11:40 PM
Posted by: Miguel99 | January 16, 2009 11:55 PM
Posted by: thebobbob | January 17, 2009 11:08 AM
Posted by: AmericanSpirit | January 17, 2009 12:38 PM
Posted by: bikesac | January 19, 2009 12:48 AM