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Despite bailout, stockmarkets fall faster than Bush’s popularity. “The economy is going to be just fine”: Bush

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Cincinnati, OH, October 6th, 2008, (Reuters).- The bailout plan that the

At the end of the conference, president Bush played the guitar for some coins. "The way things are going, none of us might have a job soon," he commented.

At the end of the conference, president Bush played the guitar for some coins. "The way things are going, none of us might have a job soon," he commented.

president just signed, created the opposite desired effect, a sell off that triggered losses in all markets in the world, including a drop for the Dow Jones that hadn’t been seen since 2004. This was in addition to an unprecedent streak of bank closures, mergers and sell offs.

The president made some unscheduled comments both in San Antonio and in Cincinnati to soothe the markets and breath confidence back into American financial institutions.

“Frist of all, I don’t see America having problems. The economy is growing, productivity is high, trade is up, people are working. It’s not as good as we’d like, but  — and to the extent that we find weakness, we’ll move.”

“I believe that in the long run, this economy is going to be just fine.” Pointing to some business owners that were with him, he added, “The bill I signed is a big step toward solving this problem. Had we not done anything, people like these folks would be a lot worse off. As it stands, they are just bad and miserable. Fellas, I know how hard it is for you to put food on your family.”

He also spoke to some reporters and citizens gathered to show that he cares. To a divorced mother of three, he said “You work three jobs? Uniquely American, isn’t it? I mean, that’s fantastic that you’re doing that.”

To a banker who asked him if the bailout would be enough, he answered, “We got plenty of money in Washington. What we need is more priority.”

As a closing statement, he added, “Let’s make sure that there is certainty during uncertain times in our economy.”

Written by Flippyman

October 6, 2008 at 10:57 pm

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.