Bush address to the nation on the nation's finacial crisis...

Speaking in the most scary and dire terms, President Bush on Wednesday warned Americans and lawmakers reluctant to pass a historic financial rescue plan that failing to act fast risks wiping out retirement savings, increasing foreclosure rates, job losses, closed businesses and "a long and painful recession." Bush called on Congress to pass the administration's rescue plan for Wall Street, which would leave taxpayers on the hook for up to $700 billion--just before Election Day. The president told the public that the "rescue effort is not aimed at preserving any individual company or industry."

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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."
The economic crisis is almost certain to overshadow the rest of Bush's four months left in office and could hugely impact his legacy.