Bush tries again to crack whip. Our paraphrase:
My plan defeated. I am disappointed. I assure everyone this is not the end of the process.
Doesn’t matter what path bill takes. What matters is we get law. We need legislation. We’re in a pickle. We need to unclog system, get lenders lending.
Difficult vote. Many people pissed. But we are in urgent situation and will get worse every day. Stock market crushing 401ks, etc. If we continue, damage will be painful and lasting.
Many Americans worried about egregious cost of bill. Yes, it’s a lot. But we have big problem.
To put in perspective, drop in stock market represented $1 trillion loss. Also, legislation will cost far less than $700 billion. Likely many assets will go up.
We are not facing a choice between free market and intervention. We are facing a choice between action and depression. Congress must act.
We will schmooze with Congress today and tomorrow. The sooner we address, the sooner we can stop stock market from plummeting.
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