After the country’s top money men, it was the turn of the US President to persuade Congress to act quickly and pass a 500 billion euro financial rescue package.
Speaking in a televised address, George W. Bush warned the entire US economy was in danger and urged Americans to support the bail-out:
“There has been a widespread loss of confidence, and major sectors of America’s financial system are at risk of shutting down. The government’s top economic experts warn that, without immediate action by Congress, America could slip into a financial panic. It is difficult to pass a bill that commits so much of the taxpayers’ hard-earned money. But given the situation we are facing, not passing a bill now would cost these Americans much more later.”
The current financial turmoil was sparked by last year’s subprime mortgage crisis in the States. It has already led to disclosed global losses of around 340 billion euros.
But Congress is dragging its feet over the Bush administration’s unprecedented plan to use public money to buy bad debt from troubled financial institutions.