NVDL: I'd be uncomfortable with a president saying to me, "If you don't do this you could lose your home and job." I'll tell you why. Firstly, Americans are losing both anyway. And secondly, and mark my words on this, Americans will continue to lose homes and jobs regardless of whether the bailout is implemented or not. $700 billion could be spent on upgrading the US railway networks, and retrofitting suburbia. Instead they are pouring money into a black hole of mortgage defaults. Effectively it will simply wipe out more and more liquidity.
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The president told the public that the "rescue effort is not aimed at preserving any individual company or industry." He said the government is the only entity that is capable of buying financial firms' troubled assets at their current low prices and holding them until their value returns to normal. He argued that if a bailout is not approved, foreclosures would rise, millions of people could lose their jobs and reminded them that "ultimately our country could experience a long and painful recession."
But undoubtedly, lawmakers--who are nearly united in saying that quick action is necessary--are now trying to figure out how they can approve a plan that saddles taxpayers with cleaning up a financial mess that has been years in the making.
"My natural instinct is to oppose government intervention," Bush said. But, "these are not normal circumstances. The market is not functioning properly."
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