Saturday, September 20, 2008

Quote du Jour: Bush Learns How the Economy Works

From his press briefing on Saturday:

Q Democrats are insisting that the federal bailout package include help for homeowners facing foreclosure, other assistance for middle-class citizens such as possibly expanding the jobless benefits. Is that completely out of the question?

PRESIDENT BUSH: We're going to work with Congress to get a bill done quickly. I called leaders of both chambers, both parties, yesterday to thank them for the initial statements coming out of the meeting that they had with Secretary Paulson and Chairman Bernanke. I found a common understanding of how severe the problem is and how it is necessary to get something done quickly, and I think we will.

President George W. Bush listens as Colombian President Alvaro Uribe speaks to a reporter Saturday, Sept. 20, 2008, during a joint press availability in the Rose Garden at the White House. White House photo by Eric Draper And we'll continue to work with them. It is essential that the package be robust and strong to address the problem. I know -- look, I'm sure there are some of my friends out there saying, I thought this guy was a market guy; what happened to him?

Well, my first instinct wasn't to lay out a huge government plan. My first instinct was to let the market work until I realized, upon being briefed by the experts, of how significant this problem became.

And so I decided to act and act boldly. It turns out that there's a lot of interlinks throughout the financial system.
The system had grown to a point where a lot of people were dependent upon each other, and that the collapse of one part of the system wouldn't just affect a part of the financial markets; it would affect the average citizen -- and how. Well, it affect[sic] their capacity to borrow money to buy a house or to finance a college loan. It affect[sic] the ability of a small business to get credit. In other words, the system risk was significant, and it required a significant response, and Congress understands that. And we'll work to get something done as quickly and as big as possible.

The man just found out about those "interlinks" today?

Ummm...holy fuck??

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