Bush addresses nation on financial crisis, summons McCain and Obama to White House meeting

"We are in the midst of a serious financial crisis," Bush said.

Banks have restricted lending, credit markets have frozen and businesses and families can't afford to borrow, Bush said.

"The market is not functioning properly. There is a widespread loss of confidence," he said. "America could slip into a widespread financial panic."

Indeed, in recent days lawmakers, economists and administration officials have used the words "crisis," "calamity" and "meltdown" to describe the possible ramifications.

The program, first unveiled six days ago, would amount to the most sweeping economic intervention by the government since the Great Depression. The high-stakes debate over it gained rapid momentum on Wednesday.

Bush has called a White House meeting for Thursday afternoon to discuss the bailout. Congressional leaders and presidential candidates John McCain and Barrack Obama are expected to attend.

This is one of the few times I've been impressed with George W. Bush. I still have SERIOUS reservations about this plan, but his speech (I just watched it) answered a lot of questions. There were five points that both McCain and Obama (and many on the Hill, from both parties) had insisted on that appear to have been included in the plan. Bush laid out to taxpayers just why this is necessary, despite normal Republican free market ideals, and what the potential meltdown on Wall Street means to normal middle-class Americans. It's not a palatable plan, but getting mortgage backed securities off the economy until the mortgage industry re-corrects will hopefully stabilize things. It's risky...but it's necessary to take steps to shore up the economy, as letting it get worse would really REALLY be bad.

I hope it works, and I hope Bush, McCain, and Obama work together to make this bill one that protects the economy AND the American taxpayers.

Technorati Tags: Politics, Bush, Financial Crisis