"This rescue effort is not aimed at preserving any individual company or industry. It is aimed at preserving America's overall economy." The fact that Bush has to deny this pretty much confirms that it is.
Bush looked scared and he added to the sense of panic quite well - so I guess he did his job. When he came to explain what the bailout will be doing he failed miserably, and it was muddled as a dirt pie. It seems like people are right - trust your instincts and let the turkey come to roast. Maybe it stings a little, but it sure helps knowing what not to do and not do the wrong thing. We all know that as traders. EURUSD sure got the feeling that Bush has no idea, and there are huge qualms about this idea all over the US... If housing prices continue to erode - the taxpayers will lose worse than bad on this deal. But don't worry - the economy will grow very strong again... real soon now.
Seems like a politician can't have a speech without saying "and create jobs" randomly dropped in 3 or 4 times. UNREAL!
I thought it was a good speech. He did a good job explaining in a simple way what happen. You have to remember the average American is stupid. ES has rallied 10pts off the speech
I wonder about the Americans that are called stupid...do they really think that they are? Or do they just take Fox News word for it?
I DONT UNDERSTAND....why is this a debate?...give the govt the damn 700 billion thats needed so we can avoid a recession/depression....wtf
Ding! Ding! Ding! You win a ceeegar. Bush just added to the panic and sense that he has zero control (which is true, NOW), and he actually undermined confidence in the bailout plan, which is the reverse of the intended goal of his big pep talk.
It's a debate because only a fool would believe that this plan would make money. As former St. Louis fed governor Poole has said, the Fed will wind up buying the least attractive paper and the losses for taxpayers will be huge. Who the hell in their right mind would sell the Fed anything if the underlying asset could make them money? This plan is nothing more than dumping worthless, defaulting assets on the government at inflated prices. Anyone think Goldman gave Cramer a call to say anything to sell this to his sheep? He was on his gameshow saying how this plan focuses on keeping people in their homes. Amazing.