George Bush addressed the American people last night, trying to convince them that they should support his call for a $700 billion bailout. Though he’s a strong believer in free enterprise who thinks companies that made bad decisions should go out of business, rejecting this plan will completely destroy our economy.
George Bush always was good at putting a bit of a scare into the public to get them to accept his less than popular ideas and tonight was no different.
“America could slip into a financial panic and a distressing scenario would unfold.
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically.
And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs.
Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And, ultimately, our country could experience a long and painful recession.”
For more on last night’s speech and what it all means see Clusterstock for Henry Blodget’s take.
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