Bush pleads with Congress for $700bn

President George W. Bush was pleading with Congress in front of the American people last night in an attempt to push through Treasury Secretary Henry Paulson’s $700bn rescue plan.

Bush says the plan, funded by taxpayers, is aimed at preserving the American economy and not safeguarding a single business or industry.

He says that the government is the only institution with the patience and resources to buy bad mortgage assets and wait to get value out of them.

He adds that it will be the first step in divorcing America’s economy from the financial whims of Wall Street which are currently hampering the country and its ability to grow.

Bush also warned citizens that the effects of inaction could be a long and painful recession.

Bush says: “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. More businesses would close their doors, and millions of Americans could lose their jobs.”