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Reply #30: Bush Urges Quick Passage of Bailout Package [View All]

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-22-08 11:19 AM
Response to Reply #9
30. Bush Urges Quick Passage of Bailout Package
The grifter wants the mark to act fast.



Bush Urges Quick Passage of Bailout Package

By Lori Montgomery, David Cho and Howard Schneider
Washington Post Staff Writers
Monday, September 22, 2008; 10:38 AM

President Bush this morning warned lawmakers against trying to make too many changes to the proposed financial bailout legislation, saying the plan needs to be passed quickly and relatively intact to stem damage to global financial markets.

Weekend negotiations "made good headway" in crafting a bill to bolster a system weighed down by problem home mortgages, Bush said. But with proposals circulating to include provisions for homeowners in the bill or to use it to limit executive compensation, Bush cautioned that too many added provisions could impede approval of critically needed legislation.

"Obviously, there will be differences over some details, and we will have to work through them," Bush said, but "the whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector, and retirement accounts.

"Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street."

SNIP...

Sources familiar with Treasury's thinking said that the department is also continuing to monitor troubled financial firms and may have to intervene in the markets again this week, before Congress acts on the bailout, to address specific flash points.

CONTINUED...

http://www.washingtonpost.com/wp-dyn/content/article/20...



As Samuel Johnson said, and many people have noted in regards to me: "No man but a blockhead ever wrote, except for money." Thank you, bluesmail. I do this for free and for our freedom.
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