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Bush signs historic bill. “well, ok, if it really means so much to you,” says Congress.

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Washington, D.C., October 3rd, 2008, (Reuters).- With the economy on the brink of meltdown and elections

Bush signing the bailout bill with BIG LETTERS so as it's clear he did sign it.

Bush signing the bailout bill with BIG LETTERS so as it's clear that he did sign it.

looming, a reluctant Congress abruptly reversed course and approved a historic $700 billion government bailout of the battered financial industry.

“This is just exaclty how taxpayer’s money should be spent, in only supa-dupa necessary expenses like this,” said Bush as he signed the bill with his $10,000 dollars Montblanc pen.

“We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country, we saved our CEOs” Bush said shortly after the plan cleared Congress, although he conceded, “Our economy continues to face serious challenges. For example, private swimming pools are still not tax deductible.”

The 263-171 vote capped two weeks of tumult in Congress and on Wall Street, punctuated by urgent warnings from Bush that the country confronted “the gravest economic disaster since the Great Depression if lawmakers failed to act.”

“I have no idea how this happened, but we either spend billions on this bailout, or the American taxpayers and citizens could end up losing a lot of money.”

The rescue didn’t stop the Dow Jones from dropping 157 points. In addition to that, the Labor Department said earlier in the day that employers had slashed 159,000 jobs in September, the largest cut in five years.

“Let’s not kid ourselves: We’re in the midst of a recession. But it’s necessary to avoid a recession.” said Rep. John A. Boehner, R-Ohio, the minority leader, as he prepared to cast his vote for the most sweeping federal intervention in markets in decades.

Treasury Secretary Henry Paulson pledged quick action to get the program up and operating. “We can’t have bankers go without purchasing power for Xmas presents this holiday season,” he commented.

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White House asks Americans go to into a $700B debt to help Americans who are in debt.

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WASHINGTON – The Bush administration is asking Congress to let the

President Bush speaking about his plan. "It's clearly a budget. It's got a lot of numbers in it."

President Bush speaking about his plan. "It's clearly a budget. It's got a lot of numbers in it."

government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained by The Associated Press.

The plan would give the government broad power to buy with tax payer’s money the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance. When asked about this, the president said “Oppsie!”

“We’re going to work with Congress to get a bill done quickly,” President Bush said at the White House. Speaking fast so as not to discuss the details of the plan, he said, “This is a big package because it was a big problem. There’s no need to worry now on who’s to blame for this economy crisis, which really isn’t a crisis because the economy is sound solid, but we’ll manage to blame it on the terrorists eventually.”

Administration officials and members of Congress were to negotiate throughout the weekend in a non-disclosed spa-resort with casino on how to best use the taxpayers’ money in order to avoid dire economic consequences.

Bush said he’s making average citizens take on the biggest debt since the depression because he’s worried the financial troubles could “ripple throughout” the economy and affect average citizens. “The risk of doing nothing far outweighs the risk of the package, and over time we’re going to get a lot of the money back. It shouldn’t take more than 50 or 70 years.”

He added, “For some obscure reason which I can’t begin to phantom, people are beginning to doubt our system, people were losing confidence and I understand it’s important to have confidence in our financial system.”

“In my judgment, based upon the advice of a lot of people who know how markets work because I certanly don’t, this problem wasn’t going to be contained to just the financial community,” the president said. He said he was concerned about “Sesame Street” and that what happens on “Wall Street” affects “Sesame Street” right before one of Dick Cheney’s aides came to correct him.

Written by Flippyman

September 20, 2008 at 8:08 pm