Facade of the Department of Treasury
[from treasury's web page 2008.09.28]
President Bush addressed the nation this week to explain the threat posed by financial market turmoil to our economy and the living standards of every American. "The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold: 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. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession," said Bush. Talks continued Friday to resolve open issues on the proposed legislation. The Administration is committed to working with Congress to address the threat we face to our economy. "Together, we will show the world once again what kind of country America is -- a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams," said Bush.