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Strong Winds This Morning
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President Bush: Nation Facing a Recession Save Email Print
Posted: 7:17 PM Sep 24, 2008
 Last Updated: 12:31 AM Sep 25, 2008
 Reporter: Associated Press
16 comments
A | A | A

Pressing urgently for a massive financial bailout, President Bush says the nation faces a "long and painful recession" if Congress fails to act. He says "our entire economy is in danger."

Speaking in dire terms, Bush pushed for a $700 billion government rescue plan during a prime-time address to the nation. His move was aimed at explaining the package to the American public, but also to keep pressure on frustrated and angry lawmakers to work out a bipartisan deal fast.

Bush said the goal is to help the government buy up troubled assets so that credit can start flowing again and the economy will rebound.

He said the rescue is aimed at helping the country, not individual companies.
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Posted by: Kay Location: Co Sprgs on Sep 27, 2008 at 10:11 AM
Here is the Federal printed proposal I read....MCCAIN (no changes) Single making 30K - tax $4,500 Single making 50K - tax $12,500 Single making 75K - tax $18,750 Married making 60K- tax $9,000 Married making 75K - tax $18,750 Married making 125K - tax $31,250 OBAMA (reversion to pre-Bush tax cuts) Single making 30K - tax $8,400 Single making 50K - tax $14,000 Single making 75K - tax $23,250 Married making 60K - tax $16,800 Married making 75K - tax $21,000 Married making 125K - tax $38,750 Under Obama, your taxes could almost double! That's what you are voting for, Tom. Just because McCain is Rep doesn't mean he is Bush. And what does he know about life , Rocky ? He spent 5 years as a prisioner of war fighting for the freedom for people like you to run your mouth. He has two kids over seas in this war. I think he may have some insight. 22 years of insight. What has Obama done except vote to starve Terry Schiavo to starve to death, even HE said THAAT was a mistake.
Posted by: Martinez Location: Southside on Sep 27, 2008 at 08:47 AM
Remember when Clinton was in office? We werent in a pointless war, we actually caught terrorists and gas was 99 cents? Our economy was healthy, common citizens could get rich and successful. Things were so much better back then. Taking us back to that kind of prosperity is what Obama is all about. Demorcrats are all about Government and spending, but if you look, Bush has created more and bigger beurocracy then any Demorcrat in the past. He out Democrated the Demorcrats, so the real Demorcrats, who actually love our country had to make some paradigm shifts to keep it alive.
Posted by: Kay Location: Co Sprgs on Sep 27, 2008 at 07:28 AM
Tom, try not to hurt yourself in you self amusement. The truth is I don't want some Arabic anti- military, wanting tax raises, baby killing, socialized med rooting, flag erasing, inexeperienced nub running my country. Sure he will get along with Iran, he will invite them over to make camp in our country, He denies being of their religion even though he was registered this way for 31 years. It amazes me all your babbling along with Martinez is some kind of truth but documented FACT is propaganda. Obama himself said when he came into Senate has not going to be on the '08 ticket because not experienced enough, remember that ? If I am not on the boards it's because I am away from my PC actually having a real life, Tom, try it some time. If you think Obama is going to come in and wave some magic wand, whatever, but don't expect tax rebate or stimulus check to help you next Christmas.
Posted by: Billy Location: c/s on Sep 27, 2008 at 07:19 AM
Obama is not half black and white he is Arabic.
Posted by: Kay Location: c/s on Sep 27, 2008 at 07:11 AM
No Kelvin, it started with your buddy, Jimmy Carter and the 1979 takeover of the American embassy in Iran and holding of hostages by Iranian students, a failed rescue attempt of the hostages, serious fuel shortages, and the Soviet invasion of Afghanistan. Obama plans taxes on capital gains, inheritence tax,dividend tax,New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least....New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
Posted by: Kelvin on Sep 26, 2008 at 06:53 PM
Sorry Kay, you cannot pin the blame for the declining middle class on the democrats. It started with Reagan. I suggest you read the book "Free Lunch" which documents many instances to get John Q Public to pay for things that benefit the rich and powerful. You will understand how Enron managed to build into such a giant company, despite their age, experience, and the fact they did nothing to add to the GNP. You'll read about how they manipulated the markets to hurt ordinary Americans. And the book is full of instances along these same lines. It is tough to read - it will make you sick to learn of these things. Now, I believe capitalism is good, it encourages innovation that might not otherwise occur, but without any regulations to look out for the little guy, it seems to breed rampant greed and fraudulent behavior.
Posted by: Mike Location: CO on Sep 26, 2008 at 05:57 PM
Who is gonna bail out Joe Citizen? That is where this is going. Right back to "brother, can you spare a dime?", or worse. Unfortunately, the "dollar" isn't even worth a dime any more, hasn't been for decades. BUT, fortunately, no other currency on the planet is "worth" what "they" say it is either. Sorry for the generalisms, but things generally STINK. The irresponsible and greedy get rewarded, while specifically, "you", meaning JOE EVERYDAY, in EVERY COUNTRY around the world, get SCREWED. HI HO. The same old suspects, doing the same business as usual.
Posted by: rocky Location: Colo Spgs on Sep 26, 2008 at 04:20 PM
"Beside raise every tax he can think of and make our military weak, what change do you honestly think Obama is capable ? I have yet to see any plan that does no involve taking out the middle class and raising ever tax known." And you think another 4 years of Bush type economics is better? 8 years ago when Clinton left office our economy was in pretty good shape. McSame isn't going to be any better than Bush. He and his wife are filthy rich, what do they know about real life?
Posted by: Tom Location: CS on Sep 26, 2008 at 03:55 PM
Not sure why I should waste my time on you Kay but go to this website electiontaxes.com ... For example, the model indicates that a couple with two children earning $100,000 with $20,000 in itemized deductions would have a net tax bill for 2009 of $9,555 under McCain and $9,002 under Obama. That compares with a $9,505 tax bill for this couple under current law, the electiontaxes.com site says. In another example, a single taxpayer making $50,000 and using the standard deduction would pay $6,867 under McCain and $6,325 under Obama, compared with $6,827 under current law. McCain and Obama both have vowed to reduce the overall tax load, although Obama wants to raise taxes on families making more than $250,000 a year. McCain's proposals include extending President Bush's tax cuts for all incomes, a move Obama opposes for those upper incomes. After viewing this, what do you have to say??
Posted by: Tom Location: CS on Sep 26, 2008 at 02:18 PM
Oh no...its Kay and her propaganda again!! I take it you didnt take the time to check out the facts about his tax plan that was told to you weeks ago...Obama is for the middle class, McSame is for the upper class...which do you fall into??? Now that the truth and FACTS are coming out you seem to be less and less on the boards...hmmmmmm!!
Posted by: Kay Location: c/s on Sep 26, 2008 at 10:16 AM
Beside raise every tax he can think of and make our military weak, what change do you honestly think Obama is capable ? I have yet to see any plan that does no involve taking out the middle class and raising ever tax known.
Posted by: Martinez Location: Southside on Sep 26, 2008 at 09:22 AM
cheers for the trickle down system! Why is Bush only bailing out the banks and groups that support his buddies? They should have let Bank of America buy out this mess, then deregulate them. But BOA isn't a Bush cronie. they wouldnt have made money off it. Either way this thing goes, America will fall into a serious recession, because we can only go one way, back to the Gold Standard. And we dont have enough gold to cover the money we owe. I bet we will have to withdraw from Iraq sooner than expected as well. Didnt the same thing happen to Russia when Communism fell? Sad what the NeoCons did to us. and ppl actually followed them.
Posted by: In Colorado Location: Colorado on Sep 25, 2008 at 12:23 PM
Well said Ron!
Posted by: Mike Morford on Sep 25, 2008 at 08:24 AM
Agreed. Heads should roll, from accounting firms, investment banking, and of course the SEC.
Posted by: Julie Location: Colorado Springs on Sep 25, 2008 at 05:44 AM
Who does this bailout help? I suspect the wealthy. I say let the big corporations who have gotten themselves into this mess suffer the consequences.
Posted by: Ron on Sep 24, 2008 at 09:23 PM
I sure hope Congress has the guts to examine the plan in detail and doesn't rush to give our hard earned tax dollars away with no oversight. When I read terms such as "non-reviewable, non-revokable, etc., it seems we are setting ourselves up to getting screwed once again. I say let the CEO's earn $1 / year until their companies pay us back 100%. If they leave, all the better. Let someone competent run the company for a change.
 
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