Bush, a la Spinal Tap, with too much fucking perspective: "You get it's big because it needed to be"

[Amerigo Vespucci]

Fucking IDIOT. 121 days left.

:patriot:

Bush defends massive financial rescue proposal



By DEB RIECHMANN – 2 hours ago

WASHINGTON (AP) — President Bush defended the $700 billion cost of his financial bailout proposal, saying Saturday it needed to be massive so that turmoil on Wall Street did not spread to Main Street.

Bush pledged to work with Congress to quickly pass legislation as part of the largest financial bailout since the Great Depression.

"You get it's big because it needed to be big," Bush said, acknowledging that hundreds of billions of dollars in taxpayer money is being put at risk.

"I believe when it's all said and done, however, that the taxpayer is going to get a lot of that money back," he said.

Trying to allay public fears about the health of the economy and people's pocketbooks, Bush said that the risk of doing nothing far outweighed the risks of government intervention.

"People are beginning to doubt our system, people were losing confidence and I understand it's important to have confidence in our financial system," he said. Over time taxpayers will "get a lot of the money back," he said.

Bush's remarks in the Rose Garden capped a roller-coaster week on Wall Street. The Federal Reserve engineered an $85 billion takeover of insurance giant AIG this week after seizing control of housing giants Freddie Mac and Fannie Mae. One investment giant, Lehman Brothers, collapsed and a second, Merrill Lynch, was purchased by rival Bank of America for less than half its value.

The president, speaking to reporters after a meeting with Colombian President Alvaro Uribe, said he initially thought the government could deal with problems one at a time, as in the case of Fannie Mae and Freddie Mac, Lehman Brothers and AIG. He said he soon realized that the problems went beyond Wall Street.

"So when one card started to go, we were worried about the whole deck going down, and so therefore moved, and moved hard," Bush said.

"This is Wall Street plus Main Street," he said.

http://ap.google.com/article/ALeqM5j057jBReERcsF-FcZRSWe0h1gaXQD93AJTHG0

[Captiosus]

1. The Market slide goes to eleven!

:eyes:

Spinal Tap would be proud.

[codjh9]

2. Too bad he wasn't one of their drummers. :^)

[Amerigo Vespucci]

3. Unfortunately, you can't dust for vomit...

:rofl:

:toast: