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- Date of speech: September 24, 2008
- Time: 9:01 p.m. EDT
- Subject: Mortgage bailout plan
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President George W. Bush warned that the "entire economy is in danger" in a primetime national address on September 24, 2008.The Australian: Bush address warns Americans (September 24, 2008) His speech concerned the economic meltdown brought on by the mortgage crisis, and the proposed bailout plan designed to alleviate that crisis.
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Bush Bailout Speech Quotes
"We're in the midst of a serious financial crisis, and the federal government is responding with decisive action."CNN: Transcript"Financial assets related to home mortgages have lost value during the house decline, and the banks holding these assets have restricted credit. As a result, our entire economy is in danger."CNN: Transcript
"The government's top economic experts warn that, without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold."CNN: Transcript
"Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system.'CNN: Transcript
The Bailout Plan
President Bush and Treasury Secretary Henry Paulson went to Capitol Hill with a proposed $700 billion mortgage bailout plan that would create a fund to purchase distressed mortgage securities packages from financial firms. Under the proposed plan, the government would then hold on to these securities and sell them later.-
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President Bush Bailout Speech Questions
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