[Rhodes22-list] Bush Speech

[Lowe, Rob]

Brad,
That pretty much sums it up.  What he failed to say was that he was
apologizing for 7 years of failed policies that created this mess in the
first place and that he was trying to save his legacy by having the
taxpayers bail his ass out of trouble.  Now if he had said that, I'd
probably consider going along with his plan.  But wait, $700B spread
among 300M citizens is only around $2300 a person, why not just ask
everyone to pony up their share?  


-----Original Message-----
From: rhodes22-list-bounces at rhodes22.org
[mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Brad Haslett
Sent: Wednesday, September 24, 2008 9:46 PM
To: The Rhodes 22 Email List
Subject: [Rhodes22-list] Bush Speech

I truly hope SOMETHING gets passed so the loan on the house I'm
selling closes on schedule next week (Tip O'neil said it best - all
politics is local).  Here's one summary of the Presidents speech.
Brad

---------------

Bush: Congress Must Act to Save Stupid People

Posted By Scott Ott On September 24, 2008 @ 10:41 am In Business, U.S.
News |

(2008-09-24) - The foundation of the U.S. economy could crumble,
President George Bush said today, if Congress fails to approve a U.S.
Treasury plan to take over foundering financial firms, a proposal
which the president called "a much-needed 21st-century civil rights
act for stupid people."

"To sustain this shining city on a hill," Mr. Bush said, "we need to
rescue the ignorant, irresponsible folks - from Wall Street to Capitol
Hill to Main Street - who got us to where we are today. We must
guarantee that no American suffers the soft bigotry of being forced to
live with the consequences of his bad decisions."

The president, in remarks to the news media clearly aimed at reluctant
Republicans in Congress, said, "Our financial system rests on a
foundation of huge banks, brokerage houses and quasi-governmental
agencies that followed Washington's lead by gambling on long-shot,
poorly-collateralized investments. Now this glorious way of life is
threatened, and we must act to preserve it."

"We need to guarantee that the structures, systems, people and
products that got us to this point won't be tossed on the ash heap of
history," said Mr. Bush. "If these giant companies fail, then America
will be left with nothing but thousands of small to mid-sized
financial firms that made prudent investment decisions during the past
15 years."

The president added that, "Americans value the liberty they have to
buy homes they can't afford, to invest in securities backed by nothing
but hope, and to draw six- and seven-figure salaries based on the
courage to risk taxpayer dollars on deals that even the dealmakers
don't understand."

"It is a moral imperative that we guard the civil rights of these
idiots," he said. "If we fail, then we face the specter of free market
capitalism run amok, and millions of Americans will feel the painful
lash of personal responsibility across their backs."

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