The markets are plunging and moments ago George Bush spoke about the economy from TEXAS.
He was visiting small business owners.
At the end of the statement, he says “I’m glad to be back here in Texas. I miss my friends in Texas. People say are you looking forward to coming home?”
How does he answer during this crisis?
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“The things I say are not always how I feel; more often than not, it’s the opposite. It’s just the more interesting take,” says Sarah Silverman in the new issue of Bust.
Wall Street futures are down after the government reported that second-quarter economic growth was less robust than previously estimated, reports the AP.
The Commerce Department has reported that gross domestic product fell short of the 3.3 percent growth estimated a month ago.
Today, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress to pass a $700 billion financial bailout. They warned that letting problems persist would have dire consequences for the national economy, reports the AP.
“If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse,” Bernanke says in his prepared for a panel being held later today.
Democrats are pushing back on the bailout planoffered by the Bush Administration, specifically with legislation that would cut the salaries of the CEO’s whose firms participate in the bailout and by adding more oversight provisions, reports The Washington Post.
Today, the Bush administration sketched out a multi-faceted effort to confront the financial crisis. The program could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt that has unhinged Wall Street, reports the AP.
Bush acknowledged that the program will put a “significant amount of taxpayers’ money on the line.”
