The economy: Bush's address
Posted: Thursday, September 25, 2008 9:25 AM by Carrie Dann
Filed Under:
White House, Congress, Economy
The Boston Globe: "While Bush's remarks were addressed to the American people, his immediate target was 435 US representatives and 100 senators, including many members of his own party who have responded with skepticism or outright anger to his call for what many have called a massive bailout of Wall Street.” More: “A vote could come within days. Bush, a staunch believer in free markets, acknowledged that he was going against his own philosophy in urging a massive government intervention in the financial industry. But he said the situation had grown so dire, and the banking regulations so outdated, that he had no choice."
The New York Times: “Mr. Bush’s televised address, and his extraordinary offer to bring together Senator Barack Obama, the Democratic presidential nominee, and Senator John McCain, the Republican, just weeks before the election underscored a growing sense of urgency on the part of the administration that Congress must act to avert an economic collapse. It was the first time in Mr. Bush’s presidency that he delivered a prime-time speech devoted exclusively to the economy. It came at a time when deep public unease about shaky financial markets and the demise of Wall Street icons such as Lehman Brothers has been coupled with skepticism and anger directed at a government bailout that could become the most expensive in American history.”
More: “Mr. Bush used his speech to signal that he was willing to address lawmakers’ concerns, including fears that tax dollars will be used to pay Wall Street executives and that the plan would put too much authority in the hands of the Treasury secretary without sufficient oversight. ‘Any rescue plan should also be designed to ensure that taxpayers are protected,’ Mr. Bush said. ‘It should welcome the participation of financial institutions, large and small. It should make certain that failed executives do not receive a windfall from your tax dollars. It should establish a bipartisan board to oversee the plan’s implementation. And it should be enacted as soon as possible.’”
Obama spokesman Bill Burton issued this statement. “While Sen. Obama believed that the Administration’s initial proposal was flawed and unacceptable to the American taxpayer, he was heartened tonight that the President seemed to be moving in the direction of the principles that Sen. Obama outlined over the last week, including limits on CEO pay, independent oversight, and taxpayer protection. He was also encouraged that the President suggested strengthening an outdated regulatory structure that led to this crisis, something that Senator Obama specifically proposed last March.”
Unless we missed it, we didn’t see a statement from McCain or his campaign regarding Bush’s speech.
Per the Los Angeles Times, "Democrats had been waiting for Bush to speak out more prominently for the bailout plan and to demand that GOP lawmakers support it. They have argued that they should not have to take the political risk of passing the wildly unpopular measure without Republicans joining in, especially since they blame lax oversight by the administration and GOP advocacy of deregulation for causing the crisis."
