President Bush delivered an official speech to the nation addressing the current financial crisis and calling on Congress to approve the $700 billion rescue effort recently proposed.
‘This rescue effort is not aimed at preserving any individual company or industry – it is aimed at preserving America's overall economy,’ Bush stated. ‘It will help American consumers and businesses get credit to meet their daily needs and create jobs. And it will help send a signal to markets around the world that America's financial system is back on track.’
‘I'm a strong believer in free enterprise. So my natural instinct is to oppose government intervention,’ he noted. ‘I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course.
‘But these are not normal circumstances,’ Bush continued. ‘The market is not functioning properly. There's been a widespread loss of confidence. And major sectors of America's financial system are at risk of shutting down.’
Source: Office of the White House Press Secretary