Bush Warns Economic Damage Could Be ‘Painful and Lasting’

If Libor rates really are at 6 7/8 like I heard on the car radio this morning, we’re screwed – probably already waited too long to avoid some real hardships in the short term.

Hey Geevill,
Just as worthless as McCain’s claim of victory yesterday morning and as worthless as Sarah Palin…LOL!

Bush warns ? Lil Bush, Dubya, that mentral midget? He warned about the Iraq war also, how’s that working out for you ? Cost 1.5 trillion dollars, over 4000 dead.This is a scam and a money grab by Bush and his people before they lose power. I hear he plans to pardon all 20 million illegal aliens.
Ex Republican

Bush and company are using every fear tactic they can to push through an economic recovery plan that would give them total control of the nation’s financial markets. Then, they have until January 10 to squeeze as much as they can out of the markets so they can leave the next President with a total disaster across the board (foreign relations, war in Iraq, global commerce, etc.). McCain is part of the Bush cabal. His chief financial advisor is Phil Gramm, the architect of the deregulation movement that is the root of the problem, and McCain as a member of the Keating 5, which brought down the savings and loan industry in the 1980s.
HP Boston tries to make you believe it’s the work of ACORN, a national community organizer association, so he can put the blame on OBama. But the truth is, the blame rests squarely on the Republican Party, which controlled Congress until 16 months ago, and the President.
Bush is nothing more than a modern day Nero, who watched Rome (Washington) burn as he played the fiddle. The last thing this country needs is McCain (and Palin, Leiberman, etc.) taking over and giving us four more years of the same.

Paul: yesterday we, the main street….we lost 1.5 Trillion dollars when the market closed… uhmmm.
Ya, I think we have not seen anything yet.

Not one Penny: the problem with your statement is 75% of America is made up of small business. If they can’t get the loans they need to run… Let’s put it this way… America will be out of work. Not sure what you do, or owns your business, but you could loose your job and not be able to get another one. See ya in the soup lines.

Our wonderful leader warns us now? I mean seriously doesn’t he have boxes to start packing, mail to fwd on, and newspapers to cancel?!
He doesn’t care about the American people. he is trying to keep all his buddies safe. This bailout is not the ONLY way out of this mess. Why does the media and wall St have tunnel vision about this?!
This is the best thing congress has done in a long time. NOT RUSHED INTO a decision that is going to cost us more down the track LIKE THE WAR!
remember?!

The answer is to stop the regulation of our markets by the Federal Reserve. Greenspan has created a huge prosperity bubble based on massive debt. No bailout will make a difference. The monetary system of the last 3 decades is fundamentally unstable.

People KNOW that Obama (and democrats) played a major part in this current crisis, and how the democrats wanted 20% of the BAILOUT?RESCUE money to go to organizations like ACORN….Obama THE COMMUNITY ORGANIZER!!!

The root cause of this problem is “global free trade”. The problems on Wall Street, Main Street, and the International Banking and Investment industries can all be traced back to 16 years of “Global Free Trade” and “De-Regulation” that made International Corporations and their CEO’s and stock investors very wealthy, while they dismantled and sold off the assets of American’s home town Industries. Mean while, when “We the people” lost our good jobs, we also lost our capacity to save for the future. As the years passed, we ran down our savings and then ran up our debt as we all pretended we were not falling further and further behind as each generation came of age. To help us to maintain our collective delusion of wealth, Washington (Democrats & Republicans) used the Federal Reserve, and De-Regulation to push down interest rates, and removed restrictions on mortgages and credit card debt. By these means, they wanted to entice us to live in a fantasy of artificial wealth. They deliberately put in place, policies that would inflate home values to create artificial equity from which we could borrow even more, as we went further and further into net debt! We did not realize it, but we were “deceived” into far deeper debt! We were told “Not to worry, if you cannot afford this home in a year, you will be able to sell it for a profit”! And so without even realizing it, many were deceived into catastrophic debt from which they had no escape! While it lasted for the last 6 years, it all felt so REAL! But it was as much of a fantasy as that of the Discover Card commercial where the black and white Main Street suddenly became a color Carnival when “Discover” came to town. It was also as much of a lie, as that told by the Credit Card commercial where a young, newly married couple looks adoringly at their new credit card as she exclaims; “I finally got the CREDIT I deserve!” Yes right, “come into my parlor said the spider to the fly”! When a family is living beyond its means on debt, it will only fell good until they hit their limit! Then reality hits, when the free money stops, and the banks say “NO MORE, ITS TIME TO PAY US BACK!” Well America, that day has come for America! But now Washington says NO, lets borrow $700B from the bank across the ocean in CHINA, they can keep our national life style going! But America, mark my words; they are only buying themselves time! This is not the Bankruptcy of a person, or a family, or even a state government. No my friends, this is the bankruptcy of AMERICA! “We the people” did not do this to ourselves! Washington and its Republicans and Democrats alike did this to us! America, tell Washington, no bail out, until they replace global free trade, with global “FAIR and BALANCED” trade! And lastly my friends, when your electricity is turned off in a few months, listen to the silence! That silence will be the sound you hear when the “Sucking Sound” stops! That “Sucking Sound” is from that same vacuum that Ross Perot warned us about so many years ago. This will end when that vacuum is finally turned off! But they will not turn it off until all of our wealth is gone! Then the next sound you will hear will be weeks later, when the hungry mob comes. And hungry mob will come, and they will be intent on having you and your family, OVER FOR DINNER!

Awwww, look and listen to Bush Chicken Little. Dire straights??? The economic damage will be painful and lasting???
Just over a couple of months ago, you said the fundamentals of the economy were strong. A month ago, your flunkie McChicken said the same thing? What happened? Protecting your Wall Street buddies, huh?
Well, I got news for you.
BURN BABY BURN.
Wanna save this economy? Give 1 million to every American 21 and over with no felonies and that aren’t in prison. Far cheaper and would solve the problem right along with providing an economic boom for the country 5 years minimum.

hug: not my words. Came from the experts they interviewed yesterday when the market dropped.
When that market closed at 777 points, we lost.
Not sure about you but my 401K is market based….

Awwww, look and listen to Bush Chicken Little. Dire straights??? The economic damage will be painful and lasting???
Just over a couple of months ago, you said the fundamentals of the economy were strong. A month ago, your flunkie McChicken said the same thing? What happened? Protecting your Wall Street buddies, huh?
Well, I got news for you.
BURN BABY BURN.
Want save this economy? First, STICK EM UP! You’re being robbed now!
Give 1 million to every American 21 and over with no felony convictions and aren’t in prison. It would be far cheaper than 700B, and would solve the problem right along with providing an economic boom for the country 5 years minimum.

I just read a comment on RCP and the ACORN “donation” may not have been taken out of the Bailout Bill, only the percentages. Here’s the comment:
“The set-aside for ACORN was NOT removed from the revised bill that was rejected. The name and % were removed, but the support was not:
Sec 103: (6) providing financial assistance to financial
21 institutions, including those serving low- and mod
22erate-income populations and other underserved
23 communities, and that have assets less than
24 $1,000,000,000, that were well or adequately cap25
italized as of June 30, 2008.”
Just like Prego “It’s In There”!!!

“Bush Warns Economic Damage Could Be ‘Painful and Lasting’” HUH? WHAT? Isn’t this the guy who said that deregulation was better? Does anyone still listen to this guy anyway? He’s useless.

What does Bush gain from this bailout? He’s adding lots of money to the deficit. I really feel he does not want the economy’s complete failure to be his legacy. Nobody wants to be Hoover II.
The fact that the Republicans do not have the leadership pull over their own rank and file members speaks volumes. McCain has not been able to lead in this situation with his own party, forget the other side of the aisle. Say what you want about the Dems, but at least 2/3 stepped up to passed a bill sent by a Republican President that they dislike very much.

Are the $25B to automakers for retooling still in the bill? How about the billions to the oil companies so they can drill of the Pacific and Atlantc shores?
There are a lot of ‘hidden’ agenda items in this bill….besides Pelosi can’t keep her trap shut long enouch to think about the country…she’s too busy trying to ram Hussein down our throat.

I heard one analyst on tv yesterday say “we need to pass a bill, so the economy can recover and Americans can live the life they want to live” I thought “the life they want to live”…isn’t that what started this problem, maybe Americans should start living the life they can AFFORD to live.

Like Donald Trump said and he is a very smart man, WHY do we have to buy the failed mortgages? THOSE that have already failed are FAILURES, buying them out is not going to change that! I am SICK and TIRED of OBAMA not TAKING a position and only referring to this in his stump speeches, and again I heard he will ONLY vote PRESENT? WTF? WE will have a President that can not take a stance? Then McCain gets castigated for doing his job as a Senator! HOW DARE these PEOPLE! AND CHRIS DODD and NANCY PELOSI make me wanna hurl! SHE is an utter FOOL! HOW did they EXPECT MCCAIN to MAKE the REPUBLICANS vote like he wanted anymore than OBAMA could make the DEMOCRATS VOTE like him, except he is gonna vote PRESENT! I am sick of the division caused by the Democrats I thought they were the PARTY of UNITY? THIS is a DISGRACE, now I KNOW why BILL CLINTON keeps tooting McCain’s horn!

What crisis next….voter fraud…wonder what role Acorn will play in that?

who is leading the republicans right now? this is ridiculous.

ACORN conspiracy fans, I think people are focused on the economy at the moment. The reason McCain is losing ground daily is because his advocates wanna play in the gutter rather than discuss the issues…ya know, the economy, the war, the rising energy prices. I’m sure we can have a discussion of who knows worse people after the real issues are under control.

McCain thinks he driving.
You might want to clear the sidewalks.
Geriatric Behind the Wheel!!!

Looks like Obama will be the next pres…soooo with that said after Jan 29th it is now Obama’s fault the economny is in the tank as he will have the Senate and House to give him carte blanche to do as he pleases to fix this mess (no excuses.)..Me, I will have the satisfaction of saying for the next four years “Hey I didn’t vote for him.” Think I’ll get started early by saying IMPEACH PRES OBAMA….

BLAME THE FOUR MUSKETERRS:PELOSI, DODD, REID & FRANK:
“WE HAD IT ALL UNDER CONTROL AND DIDNT NEED MCCAIN TO COME PARACHUTING IN HERE AND RUINING IT ALL . . .”
APPARENTLY, THE CLOWNS NEVER HAD ANYTHING UNDER CONTROL..
MCCAIN MAY ACTUALLY HAVE TO PARACHUTE IN AND RESCUE THE RESCUING MUSKETEERS..
WHERE IS THE MESSIAH?
WHERE IS THE MESSIAH?
I FORGOT, HE ALREADY VOTEED “PRESENT”
THE MESSAIH IS WATCHING THE POLLS AND MAKING SPEECHES WHILE THE MESS HE PART CREATED IS SINKING THE NATION..
OBAMA, THIS IS WHAT YOU GET FOR 1 BILLION IN EARMARKS AND COBODING WITH FANNIE MAE ‘N ACORN..

Huh, ‘Why was 1.5 trillion lost. Surely if that invested money was placed in the market into companies with sound profits, the money would still be there.’
The money was lost because investors expected Congress to act and they didn’t–it had nothing to do with companies or their profits, it was about the potential avaiability of credit to business–credit that is drying up!

It’s too bad people on these forums can’t see beyond their own “party line” stances and stop the insults and name-calling.
I don’t agree with everything Sarah Palin says and does (or McCain either, for that matter), and I’m quickly becoming concerned about Barack Obama. I was a Hillary Clinton supporter who endured being called a racist because I refused to support Obama, and I hesitantly backed him after her withdrawal from the race. Never in all that time did I call Obama or any other candidate a name, used his middle name as a weapon or any of that, even when being slammed by his supporters during the primaries. How many of you can say the same?
While Democrats point at Bush and the Republicans and blame everything on them (and Republicans, as well), maybe a look at a fact – the approval ratings of these politicians – is in order. Bush – Approve-30.4%; Disapprove-65.8%; Congress – Approve-17.8%; Disapprove-73.8%. It is clear while Bush’s ratings are in the toilet, Congress’ ratings have already been flushed. That includes the majority Democratic Congress.
ENOUGH of the blame game – from both sides. I am sick of being part of a system that elects self-serving politicians who don’t care about our country or us and who put their party ahead of what’s best for the United States of America. That extends down to the supporters – and this is in both parties, as well – who can’t for one minute stop calling people names, saying candidates are “stupid,” taking their names and putting insulting twists on them (McSame, McInsane, etc.). Can you people really not see how hateful and spiteful you sound? I really wonder how we appear to the international community.
People who act in this way have taken our Constitution and jumped up and down on it – so much for “free speech,” huh? I will say one thing – Obama, from the start, said he was different, that he represented change. I was willing to take that on face value. However, the events of the last several days make me have to ask: Is this the change he was talking about? If so, we are really, really in trouble, and that’s why I’ve become an Independent because I really don’t want to be associated with ANYONE who acts as many of these politicians and many of you bloggers have acted.

Instead of doing things a** backwards by giving 700B to crooks, give 500k to each American 21 and over who hasn’t been convicted of a felony and are not in prison.
Receiving the money would require you pay off all debt including school loans, cars, credit cards, etc.
Secondly, 50k has to be placed in the bank and cannot be used for 1 year.
Problem solved. Americans aren’t sufferering, economy is in a boom, the credit problem is solved.
WAAAAAAAAAY CHEAPER THAN 700B.

Of course the damage will be painful and long lasting! Eight years of Bush to completely tear the economy to shreds and now the country is looking to McSame, he who claims he knows naught about the economy, to lead us to where else, but damnation!! Other republicans are running away as fast and as far as they can from any connection to Bush, yet McSame, who supported Bush over 90% of the time, is tied to Bush, is still being considered to replace him. How can anyone be so blind as to be unable to see that this would only end in a road to disaster, backed by an even more “unknowledgeable” disciple, Palin! If we are determined to bury ourselves in an ever-sinking ship, we have no one to blame but ourselves for supporting Bush, McCain and Palin.

Who’s actually being served here?
Looks like George Bush and McChicken.
Being outsourced is best served cold with warm buttermilk.
POTUS OBAMA – IT’S A LOCK

First and foremost I trust The Bush administration as much as I trust a my crackhead Uncle
to pay me back the money he borrowed from me 3 months ago. If memory serves me correct did’nt
he give us the same “the sky is falling” rhetoric about Iraq’s alleged Weapons of Mass Destruction back
in 2002-2003. I also dont trust The McCain/Palin ticket either for obvious reasons but mainly because John McCain’s
chief financial advisor is Phil Gramm, the architect of the deregulation movement that is the root of this problem
and furthermore John McCain was a member of the Keating 5, which brought down the S & L industry in the
1980s. I dont even have to mention Sarah Palin, we all seen her interviews with Charlie Gidson and Katie Couric.
I would have to be the village idiot with brain damage to think she’s capable of being a heartbeat away from being
POTUS after she defended her foriegn policy experience on her proximity to Russia…………WTF?
I say the hell with the bailout, why not bail-out Americans thats struggling to make ends meet in this ecomony.
Why cant the millionaires/billionaies in the banking industry bail themselves out. Why not have the CEO’s
of these corporations and there multi-million dollar severance packages bail us out.

Vote No, to the $700 Billion bailout! Only person’s the bailout will help is the Rich, and the Republicans!

It will be painful and lasting because we have squandered our wealth. Greenspan’s policies over the last several decades have destroyed our currency and built up the illusion of prosperity on a mountain of debt. The free markets have been regulated by the Federal Reserve. This regulation must end now. Obama and McCain are both barking up the wrong trees. the problem is the Keynesian monetary system.

who is leading the republicans on this issue? it’s a republican bill, voted down by republicans.

Painful and lasting – sounds like the last 8 years under his leadership.
What a shame we don’t have a Clinton on the ballot to come in and clean up this mess.

In John McCain, we see the character and leadership of a President. He went back to Washington, did his best to bring the parties together on the bail out, got behind Republicans to vote for the bailout. What happened is that Pelosi started spouting hatred toward the GOP and they refuted their support. Now, we have this idiot, Obama, trying to capitalize on the failure of the bailout for political gains. Obama needs to go back to Chicago…AMERICA DOES NOT WANT OBAMA, THE IDIOT!

leaders??? That’s easy..the house majority polosi and senate majority reid..they had the majority vote so why didn’t it go through…the time for blaming the repubs is passed, specifically two years ago, and more than likely, the pres as well since obama will surely get it…so are the dems going to spend the next 4 years now blaming the minority gop for the dems screw-ups if so…why vote dem at all why not just stick to repub pres so that the dems will have him to blame…MAYBE OBAMA SHOULD TAKE HIS WIN AND DEMAND A RE-COUNT OF VOTES

I want my president to be decisive and to have a good judgment.
I want my president to say “God bless America” not be a follower and surrogate of a hateful pastor who declares “God damn America” from the pulpit.
I want my president to respect small town people like me who happen to be religious.
I want my president to have a spouse who has always been proud of being an American (not just because her husband became a presidential candidate).
I want a president who can make me a proud American and not one who keeps telling me that the glory days of my beloved country are over.
I want a president who tells me that the fundamentals of American greatness are still solid.
I want a president who can stand with the motto: “My country! right or Wrong!”
I want a president who will never belittle America and the American people when he is with foreigner leaders and people.
I am a proud democrat and will always be one. However, what my party leadership did in the primaries is inexcusable. The careless Democratic party leaders pushed Senator Hillary Clinton, the one with a certain chance to defeat McCain, out of the race.
Above my being a democrat, I am a proud American. Therefore, on November 4, I will be crossing party lines and vote for Senator John McCain. McCain at least has the experience and the record to be a great president. His personal story and achievements make me proud of my country.
That’s the kind of president I want.
McCain 2008. Hillary 2012.

Notice how Bush worded it with”could be”. Translation: If Obama gets in, the economic disaster will get more painful and last throughout his term.
Raising taxes and socialist programs=disaster like we’ve never seen before.

Hollywood is turning communist. They are having children sing a song, more like a chant, about Obama and making a video.
Can someone say North Korea, communist?!
Very scary stuff.

George Bush has been in office for 7 1/2 years. The first six the economy was fine.
Almost two years ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%.
4) the DOW JONES hit a record high–14,000 +
5) American’s were buying new cars, taking cruises,
vacations overseas, living large!…
But American’s wanted ‘CHANGE’! So, in 2006 they voted in a
Democratic Congress and yes–we got ‘CHANGE’ all right. In the PAST YEAR:
1) Consumer confidence has plummeted ;
2) Gasoline is now over $4 a gallon & climbing!;
3) Unemployment is up to 5.5% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION
DOLLARS and prices still dropping;
5) 1% of American homes are in foreclosure.
$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR
STOCKS, BONDS & MUTUAL FUNDS INVESTMENT PORTFOLIOS!
YES, IN 2006 AMERICA VOTED FOR CHANGE…AND WE SURE GOT IT! ….
REMEMBER THE PRESIDENT HAS NO CONTROL OVER ANY OF THESE ISSUES, ONLY CONGRESS.
AND WHAT HAS CONGRESS DONE IN THE LAST TWO YEARS, ABSOLUTELY NOTHING.
NOW THE DEMOCRATIC CANDIDATE FOR PRESIDENT CLAIMS HE IS GOING TO REALLY
GIVE US CHANGE ALONG WITH A DEMOCRATIC CONGRESS!!!!
JUST HOW MUCH MORE ‘CHANGE’ DO YOU THINK YOU CAN STAND?

President Bush must have been brainwashed by Paulson.
He is still parroting the same scare and threatening lie that hasty and immediate passage of the “PAULSON BAILOUT” is the only option available to Congress to avoid this “long and painful recession crap”.
A lying crap because Paulson have not given any specific facts or data to support his lie to Congress about this recession scary effect.
Luckily for us, the majority House representatives in Congress yesterday did not believe and doubted the “Paulson Lie” and they magnanimously thwarted the brainwashed Congress representatives who voted for the passage of the “PAULSON BAILOUT” House bill.
PAULSON BAILOUT really is the better appropriate name for the bill.
WHY? Because this PAULSON BAILOUT was primarily designed to rescue the Wall Street financial companies and investment banks where his elite friends; former elite associates; former elite fellow officers with huge salaries and bonuses works.
More to the point this will protect and enhanced the value of Paulson and/or family’s shareholdings in Goldman Sachs and/or other WS banks. Paulson have more than $632.4 Millions worth of stocks and options in Goldman Sachs at the time of his appointment as Secretary of Treasury on July 10, 2006

S Adams | Sep 30, 2008 1:53:44 PM Is it more impiortant to feel,look and sound good than to be good (emotion vs reason)?

Bush, his followers, and ANYONE who voted for the Bailout on Monday need to be either voted or removed from office, post-haste. The people have spoken: NO BAILOUT, PERIOD!!!!

McCain did have much foreign affair experience because he has been in the House for 26 years. But it does not really mean anything good for the American when his view is stubborn and his attitude is provocative. As regards to economy, he has almost nothing, similar to his knowledge on our constitutional law. Obama represent the life force of our new American society. He will certainly bring us hope and reform. The most important thing is he listen to the voice of the people. His attitude is trustworthy and with him we can have a new prosperous era.

I’m no Bush fan but — it’s a fact that he warned of disaster if Fannie & Freddie weren’t reigned in, and his warnings were ignored. Same as John McCain’s warnings were ignored. Both by the Dems. The Dems cater to the poor because they always get their votes – and the rest of us always pay the bills.
It’s kind of like that fairy tale where Obama says he’ll cut taxes on 95% of us – and 40% of us don’t pay any taxes. But that doesn’t bother the Dems. That’s why non-taxpayers each got a $600 rebate, just like those of us who actually paid taxes to qualify for a rebate.

Someone up there asked what Ron Paul had to say about the bailout. Here’s part of what he said when he appeared on CNN’s Late Edition (found at LA times):
PAUL: Well, I think that’s a mistake because we don’t have the money. But that doesn’t mean you have to do nothing. I mean, we could reform the system. We could return to sound money. We could balance our budget. We could change our foreign policy. We could take care of our people at home. We could lower taxes.
There’s a lot of things that we can do. But the worst thing that we can do is perpetuate the bad policies that gave us this trouble in the first place, and that is that we no longer, over the last quite a few decades, believed in free-market capitalism. Capital is supposed to come from savings. We’re supposed to work hard and save.
As a matter of fact, the Chinese work hard, right now, and they save, and they’re buying up the world. But we borrow and spend and consume, and now it’s caught up to us and it’s undermining our whole system. … So this $700 billion is not going to do it. “

This was the saddest thing I’ve seen in a long time.

Why isn’t anyone wondering why it really wasn’t all that long ago that our lying president said our country is doing just fine economically???? IMPEACH or ARREST THE CRIMINAL BAST**D!