Tuesday, September 30, 2008

VIDEO & AUDIO: George W. Bush Address to the Nation, Sept 30 2008

President George W. Bush delivers a statement at the White House Tuesday, Sept. 30, 2008, regarding the economic rescue plan. Said the President, "We're at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again." White House photo by Chris <span class= 
Sept. 30, 2008

President Bush Discusses Economic Rescue Plan

     Play Video Video        Play Audio Audio

     Fact sheet In Focus: Economy

George W. Bush spoke the United States (and world) at 7:45 am EST Tuesday morning September 30, 2008.

He again addressed the case for the US$700 billion bailout which failed to pass in the lower house on Monday.

His speech was be important because it is being made to restore faith in global markets and persuade Americans that the $700 billion bailout is going to do what it is intended to do.

Markets hate nasty surprises and uncertainty and his speech will have to be a good one to pull it all off.

While not a spectacular speech by any stretch of the imagination, it was nevertheless competent enough to restore some positivity into the DOW this morning.

As at 7.45 am (NZ time) the DOW was up 379 points.

In my opinion it is unlikely to be a sustained upswing because there is more bad financial news to come.

Related Links

President George W. Bush delivers a statement at the White House Monday, Sept. 29, 2008, on Financial Rescue Legislation. Said the President, "This legislation deals with complex issues, and negotiators were asked to address them in a very short period of time. I appreciate the leadership of members on both sides of the aisle, who came together when our nation was counting on them. Negotiations are sometimes difficult, but their hard work and cooperation paid off."  White House photo by Chris <span class= 
Sept. 29, 2008

President Bush Discusses Financial Rescue Legislation

     Play Video Video        Play Audio Audio

     Fact sheet Fact Sheet: A Strong Bipartisan Proposal to Stabilize Our Financial System

     Fact sheet In Focus: Economy


c Political Animal 2008

Falwasser should be out for the count


The Falwasser family

I haven't seen the full video of Rawiri Falwasser resisting police officers in a Tauranga police cell in 2006 and neither do I have to to make up my mind that Falwasser was being a violent fruitcake on the day he was injured.

Falwasser was resistant to police from the get go, mentally disturbed and once in his cell refused to leave when he was told to.

He received the bulk of his serious injuries from whacking his head against the cell walls and other minor injuries sustained from cops trying to restrain him-from hurting himself if nothing else.

Once again the perpetrator of a crime gets all the sympathy and the cops get critiqued and undermined in public for merely doing their job.

The flimsy case against the police for "beating" the nascent thief was lost but now the Falwasser family want to sue police.

A typical victim mentality that Labour has bred in certain sectors of Kiwi society over the last 9 years that makes individuals think that as criminals they have more rights than victims.

Pass me a bucket.

c Political Animal 2008

New Generation

The moral outrage by David "Fartman" Parker,Lianne Dalzeil and the Labour Party over Contact Energy today announcing power prices rises leaves me more than a little confused:

"However we will be asking Cabinet on Monday to consider whether a broader inquiry is needed into whether these price increases are evidence of a lack of competition and market power being used to ratchet up prices," the ministers said.

Ms Dalziel said she could not see how the increases could be justified.

"The latest price increases, especially for residential consumers, follow a worrying trend of price rises in excess of general inflation, and I intend to ensure that the market is not being manipulated by electricity retailers."

NZ Herald

The facts are that Contact is putting up power prices because Labour have not allowed enough new generation to be built because of the global warming myth and are set to pile more cost on to consumers power bills through their dodgy climate change policies. David Parker has got his sticky little socialist fingerprints all over the mess.

Restrict generation, ipso facto power prices rise-well duh!

Contact Energy had to run a diesel power station at full blast for most of 2008 because of the lack of power generation for goodness sake.

Parker's inexperience shows in this quote from him today:

"The gap between residential and industrial charges was difficult to understand"

What the fuck?!

David if you are a industrial power user you generally use more power and like any other product or service you will be able to negotiate a lower price for bulk usage.

That is the way any market works and is general practice with power companies. Perhaps you could talk to a couple instead of grandstanding weeks before an election.

This collective is overseeing the energy portfolio and the Carbon Credit tax scam.

We should be worried.

Related reading

Carbon Credit trading puts markets at extreme risk

Contact Energy looks bright during dark times

c Political Animal 2008

VIDEO: Sept 29 Debate of $700 billion bailout in Congress

Part of the debate in the lower house on the US$ 700 million bailout of the US financial sector that led to its eventual failure on first reading

Interesting to see that politics are still being played at a time of financial crises and more interesting still that the dodgy Democrats voted for the bailout while the considered Republicans rejected it.

I am against the bailout because it is chucking good money after bad and it probably wont work anyway.

Interesting also to see Warren Buffett's involvement in the bailout as well. A staunch Democrat himself, he would benefit greatly from an Obama led Presidency.

A live DOW ticker plummets on-screen while the Republican senator gives his speech.

Arrrrr me bucko!

With all the seriousness surrounding us with a meltdown on the Dow this morning and a hopeless collection of toss pots up for the 2008 election, I just don't feel the need to be serious lately.

With that in mind lets have a look at some attempts at livening up the advertising during the election race. From Radio Live

Pirate pimping your Prime Minister
We want a fun election, so if you see any billboards that have been 'bad-touched in a good way', then we want to see them. The best will go on the website, just like the beauty above.
During last year's Mayoral Elections, Sideshow Bob Parker won the public vote. Look and see why.

I like the Simpson's related billboard myself, it is the level of mentality of most pollies and lest face it you can probably trust Homer Simpson above Helen Clark any day.

Helen Clark's modified billboard looks more like her than her real one.

c Political Animal 2008

700 Billion bailout fails to pass in lower house

From Share Investor Blog

News just in that the 700 billion bailout has just failed a vote in the House:

The fate of a controversial $700 billion financial bailout plan was in doubt Monday as a House vote turned against it.

The next steps were not immediately clear but supporters were scrambling to put it up for another vote.

What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support. Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.

The measure needs 218 votes for passage. Democrats voted 141 to 94 in favor of the plan, while Republicans voted 65 to 133 against. That left the measure with 206 votes for and 227 against.

CNN Money

It doesn't mean the rescue package is necessarily over, it will probably go back to the house in a modified way but it does mean that markets are reacting badly and are in a worse position than they would if a rescue package wasn't announced.

This is because if anything else, apart from the actual dire situation the financial sector is in, markets hate uncertainty.

The DOW is down 710 points as a result as at 8.33 am(NZ Time)

I expected a bigger plunge but the market still has 27 minutes of trading before close.

Winston limbos even lower

From an increasingly paranoid and deluded Winston Peters and his blog comes the following:

One of our supporters sent this in, we thought you might like it!


Which of these two spent $20,000 on his teeth?

Infantile, nasty, rude and desperate stuff, just like some of the content on this site or on BarnsleyBill -David Benson Pope, and Assult with a deadly fart- but we are not running for office.

I will have a go at a comparison of my own.

What is the difference between these two men and the way they operate politically?




Sadly, very little at all.

c Political Animal 2008

OneSteel makes cheeky bid for minority shareholders

Crikey mate! They are at it again.

Those cheapskate Aussies are trying to steal (pun intended) Steel and Tube [STU.NZX] off shareholders for the measly price of NZ$4 a share.

OneSteel [OST.ASX] has today launched a bid for the 49.73% of Steel and Tube they don't already own.

It has shades of the Contact Energy[CEN.NZX] takeover bid last year about it when Origin Energy attempted to buy the approximately half of Contact they didn't already own, for a knock down bargain basement price and the board of Contact, which had a number of Origin aligned directors on it approved the bid.

It wasn't until an independent report came back that the bid by Origin was seen as the highway robbery it clearly was and Origin was rightly sent packing.

I assume that OneSteel have a number of directors on the Steel and Tube board sympathetic to Origin's charms, so it doesn't take an Einstein to figure out that they will probably want to rubber stamp their parent company's bid without so much as a "hold your horses mate" (insert Australian twang here).

Apart from the cheek of the bid, it once again highlights the major gaps in New Zealand's financial regulatory and takeover laws, where a majority holder in a listed company thinks they can dupe the remaining shareholders simply because they have board control and therefore the controlling votes.

Of course this is where Steel and Tube shareholders are crucial in this scenario. If they are dumb enough to sell for 4 bucks well you just cant help some people.

Seriously though, times are tight so investors could be forgiven for folding but the company is worth more than $NZ4(at today's AU/NZ exchange rate cross only AU$3.28 )

Steel and Tube is a cyclical company. Currently the building and construction sector is experiencing a slowdown and raw materials are getting more expensive to buy to make their products. The current credit crunch and market jitters isn't helping either and as a consequence the share price is trading at multi year lows.

This will change, there will be a construction upswing, market turmoil will abate and raw steel is going drop in price.

Guess what, that means profit and the share price will rise.

OneSteel's bid is therefore very opportunistic. I don't blame them, it is a smart move.

But and it is a big but (insert OZ accent again) it is up to shareholders to have some steely resolve and and just say no to those aggressive little buggers across the ditch.

I have been an unwilling participant in a cheapskate takeover before. The Transpacific Industries [TPI.ASX] "merger" of Waste Management NZ a few years back left me with a bitter taste in my mouth.

The CEO of Transpacific made what he called a "fair bid' for an almost monopoly company that had been growing profit at 20% per annum for over 5 years and shareholders fell all over themselves to take the cash.

A made a large profit on a large number of shares but I didn't want to sell. Waste Management was going to be a good long term company in my portfolio.

As I am a small shareholder in Steel and Tube, my advice to shareholders is to hang on tight for the independent directors report on the OneSteel bid.

See what they have to say and if they approve tell OneSteel and the directors where to get off.

Steel & Tube @ Share Investor

Long Term View: Steel & Tube Ltd
NZX's Top 10 Dividend Returns

Discuss STU @ Share Investor Forum

Download STU Company Reports

Buy Toughen Up: What I've Learned About Surviving Tough Times

Toughen Up: What I've Learned About Surviving Tough Times

Toughen Up - Fishpond.co.nz

c Share Investor 2008

Monday, September 29, 2008

National to officially ditch the EFA

National announced yesterday that they are going to ditch the anti-free speech Electoral Finance Act which thousands of Kiwis protested over, including yours truly:

National Party Deputy Leader Bill English says all New Zealanders with an interest in free speech will welcome John Key's confirmation today that a National-led Government will repeal the oppressive Electoral Finance Act.

"This is a self-serving law, passed in haste, and designed to silence Labour's critics in election year.  National will end the farce."

Mr English is commenting after the release of the National Party's electoral law policy was released today. 

"The Electoral Commission and the Law Society have expressed serious reservations about the impact of the EFA on free speech and freedom of expression.  Labour has belittled these concerns.

"The Electoral Finance Act has been a total shambles and those parties who supported it are now all regretting they did so.  We do hope they embrace the chance to fix it."

National will move to repeal the Electoral Finance Act 2007 immediately after the election, but retain the provisions around the transparency of donations.

The old sections from the Electoral Act 1993 will be reinstated, and the Electoral Finance Act sections relating to donations, will be inserted into the Electoral Act 1993.

"National concluded long ago that there needed to be more transparency around donations.  We were genuinely surprised when Labour failed to put in any controls around donations when the law was initially drafted.

"We will retain those provisions from the EFA, and reform electoral law through a process that involves all parliamentary parties and the public in a fair and timely manner.

"When electoral watchdogs say they can't understand the rules, when the law society says the Act is stifling free speech, when MPs have no clear steer on what is an election advertisement – that is banana republic time.  This law should never have been passed and will be repealed by National."

A good clear policy for a confused badly drafted law.

Related Political Animal reading

Electoral Finance Act March Mar 9, 2008
Electoral Finance Bill Vote
NZ losses democratic freedom
Mike Moore turns the knife
List of MPs who voted for Act
Cartoon and comment
Auckland Protest against EFB
The purpose of the Bill is clear

To view National's electoral law summary visit: http://national.org.nz/files/2008/electoral_law.pdf

c Political Animal 2008

Labour's election bribe could be a whopper

I have written in the past about the fact that Labour are going to try and buy the election, and they will. They did it in 2005 and they will do it in 2008.

The only thing now is since Labour are so far behind National in the polls and have been consistently for well over a year, and there is an overwhelming feeling for change in the country, that vote buy is going to have to pretty bloody big.

Considering Cullen has mismanaged us into a big debt position through 9 years of wasteful spending, and there have been mutterings lately of cutbacks in cash election promises from National and Labour, one rumour that is going around-thanks Matthew Hooten for the tip off- and sounds plausible is writing off all student debt.

When I heard that of course I felt my bile forming into a future cancer because I paid off the frigging loan in full ten years ago, and so I should, I should have had to pay something for my education.

Writing off the billions owed in loans to the taxpayer of course its a nutso idea, but it would probably be a matter of an "accounting charge" on the balance sheet with no effect of the country's cash deficit, so acceptable to Cullen and politically acceptable for allot of the left voters. 

Having said that, if such an inherently silly idea is proposed by Labour there could be a backlash from people like me who have already paid their loans off and other taxpayers who think Uni students are elitist oiks whose wealthy parents should pay for their own education.

Sunday, September 28, 2008

POLL: TV3 TNS Poll, 28 Septr 2008

The latest TV 3 poll out today continues the year long trend of a very healthy lead for the National Party:

(Angus Reid Global Monitor) - The governing Labour party will likely lose its re-election bid in next month’s legislative ballot, according to a poll by TNS released by TV3. 36 per cent of respondents would vote for Labour in the next election to the House of Representatives, while 49 per cent would support the opposition National party.

The Greens are third with five per cent, followed by New Zealand First with three per cent, and the Maori Party with two per cent.

Labour leader Helen Clark has acted as New Zealand’s prime minister since December 1999. In November 2006, Don Brash—who had served as National’s leader since October 2003—announced his resignation and was substituted by finance spokesman John Key. 


Labour will have to pull the biggest bribe in New Zealand political history to get the electorate to vote for them.

c Political Animal 2008

Helen Clark gives good head

A lovely little piece from Ana Samway's Sideswipe, indicating that people would rather have their dogs chew the head off Helen Clark than they would themselves vote for her:

Pete Couchman from Masterpets sheds some light on the popularity of the Helen Clark Election '08 dog toy. "The fact that Helen is selling out may have little to do with popularity. Masterpets' 'Dog-tucker' poll is a reverse poll, where it pays not to be ahead. The old saying of being 'fed to the dogs' is rather poignant when being chewed by dogs up and down the country ... "

The head girl is ahead in the popularity stakes for getting her head-toy head chewed off by 59% of New Zealand's mongrel owners-this is on top of Winston Peters clearly doing the same.

The 59% for Helen Clark's head rating mirrors National's voter support in the Political Animal Blog poll and I am picking the Masterpet poll to be more accurate than some of our official ones, even though there is overwhelming support for the National Party in the majority of them as well.

c Political Animal 2008

"L" is for loser

There is some interesting video being shot currently by amateur political pundits.

Some of them very funny, some of them almost getting there and others just very sad.

Watch the man in red in the background of this latest video.

c Political Animal 2008

Labour losing the race

"The time is right for a change".

You can hear it when you speak to friends, work colleagues and in social situations.

In recent times ,the moral outrage at the present state of our representation in the beehive follows the Labour Government and its supporters in Parliament imploding, more recently over donations to Labour's support party Winston Peter's NZ First and his pathetic slap on the hand by his political mates for his corrupt pratices.

Labour's high handed attitude to Winston Peter's lies and a cover up by Helen Clark over what she knew about the Owen Glenn donations is compounded by interference, criticism and bullying by her ministers over the Privileges Committee process.

The latest scandal comes on top of 9 long years of economic mis-management by Michael Cullen, a long list of political crimes foisted on New Zealanders to stifle free speech, an even longer list of social interference in our everyday lives, crumbling government "services", out of control crime,record welfare stats and an attitude from Helen Clark and her political allies that nothing is wrong, they are born to rule and it seems they will do anything to retain the reigns of power.

An underlying support and need from the New Zealand community for commonsense, humility, integrity, a hopeful vision for the future and above all honesty from our politicians is very clear and Kiwis know after 9 years of Labour they are not getting that.

Even die hard Labour voters are turning their backs on Helen Clark and her politics of envy.

It is difficult most of the time to get that from politicians from any political colour but the overwhelming feeling from the community is that New Zealanders want a change.

c Political Animal 2008

Paul Newman's death the end of an era

The death of Paul Newman today at the age of 83 brings back memories for me of a more innocent, uncomplicated and PC free world.

I remember seeing Butch Cassidy and the Sundance Kid on the TV as a young boy and thinking at the time, why couldn't my Dad be more like him?

Onscreen Paul Newman often played the hero or gruff outsider. The irascible chief in Towering Inferno, the irrepressible conman in The Sting, or the reprise of his role as "Fast Eddie" Felson in The Hustler in 1961 and all those years latter in the 1986 film The Color of Money.

I grew up watching all Newman's movies and tried not to miss anything he was in. 

To me his on screen persona was the epitome of cool wrapped in an American flag.
I most identified with the independent, "outsider" characters that he often played.

As a watcher of his movies I also knew little of his personal life, his star seemed to shine from the screen through his performances and talent rather than what foibles he might have had in is private one.

Only when I got older did one hear snippets of what he achieved behind the cameras and in one of his last interviews on the David Letterman Show the twinkle in his eyes was still apparent.

Paul Newman was a devoted husband to Joanne Woodward and his children for 50 years, not only long in Hollywood but long for any marriage and a selfless charitable individual who raised millions through his Newman's Own brand of salad dressing and oils.

He did this all under the radar, with humility, care, kindness and an obvious love for his profession and those close to him.

An answer to the question of why wasn't he attracted to the beautiful woman he often starred alongside really sums Paul Newman up for me:

"Why go out for a hamburger when you can have steak at home".

His old fashioned sensibility, manners, talent and sense of loyalty are sadly lacking, in Hollywood especially, but also in the wider community(some of our politicians in New Zealand could learn a thing or two from him, especially about honesty) and his passing, sadly seems to leave alot of those positive characteristics dead with him with some notable Hollywood exceptions.

He was above all a gentleman.

He will be sadly missed by millions and one big fan of his down in New Zealand.

Related Link

VIDEO-Coolhand Luke Famous egg eating scene

c Political Animal 2008

Saturday, September 27, 2008

FULL VIDEO: Presidential Debate - John McCain and Barack Obama, September 26, 2008

Even though McCain is often labeled a democratic wannabe(urrghh!!) he is still more on the side of freedom of speech, solid experience and a history of actual achievements made outside the academic world that Obama and the democrats occupy.

Where McCain is a practical man, Obama's thoughts and ideas come from the university text books that spout leftish ideologies and political correct mumbo jumbo and emotional platitudes.

That is evident in Obama's speech.

McCain was the clear winner in this first of 3 Presidential debates live in Mississippi on 26 September 2008.

Related Video

Affilated Links

Political Animal - New Zealand Politics
Share Investor Blog - Stockmarket & Business commentary
Share Investor New Zealand Business News- Get more business news
Shareinvestorforum.com - Discuss this topic further

c Political Animal 2008

Dont quote me on that

"Tax cuts next week would help stimulate the economy"

-Michael Cullen Sept 26 2008

This wee sentence by the Deputy Dr will now be etched into history as a major turn around in fiscal and ideological thinking.

Consider these quotes:

“We just don't believe in tax cuts - it's against our fundamental philosophy - after all we are socialists and proud of it.”

-Micheal Cullen 

"Tax cuts are a very sort of blunt weapon to redistribute income"

— Mike Williams, President of the Labour Party

"Tax cuts are a path to inequality. They are the promises of a vision-less and intellectually bankrupt people"

— Helen Clark, speech to 2000 labour Party Conference

I am confused, do tax cuts stimulate economies or are they only fit to do an unthinking Robin Hood trick with your money when there is a philosophical shift prior to a general election?

Friday, September 26, 2008


Most of the stuff written on this blog is negative crap, because it is about politicians.

I would like to write a positive memento about a Hero, Austin Bernard Hemmings, who was murdered yesterday while defending the safety of a woman that he didn't know because she needed his help.

It was a selfless act from a devoted family man who left for work on the Devonport ferry Thursday morning and never came home to his wife and three teenage children.

A tragedy for sure, for all those that knew and loved him but in his last act on this planet a positive reinforcement of how truly good most New Zealanders are.

His wife, children, family and friends will be missing this truly lovely man.

Lets hope his death is an impetus for positive change instead of more of the same.

c Political Animal 2008

NZ Herald Digipoll: 26 Sept 2008

In the latest NZ Herald Digipoll, it shows the trend of all polls taken for well over a year that National continues to lead with a comfortable margin over Labour.

The political divisions and allegiances triggered by the furore over secret donations to New Zealand First and leader Winston Peters have had little effect on party standings in the latest Herald-DigiPoll survey.

Support for National, which has said it would not work with New Zealand First after the election, has risen slightly, by 1.4 percentage points, to 51.4 per cent of decided voters.

This would give it 68 seats in Parliament - enough for it to govern without a coalition partner.

Labour, which aligned itself with Mr Peters, is down 0.6 points to 35.7 per cent.

New Zealand First is up by 0.7 but to only 2.8 per cent - not enough for it to stay in Parliament after the November 8 election without winning an electorate seat.

In political polls it is the trend that should be looked at to get a more accurate picture of the political landscape.

Herald Digipolls

c Political Animal 2008


In the tradition of Monty Python, Dick Emery, Kenny Everett, Charlie Chaplin and possibly a drunk 3rd form audio video class comes this un-puritanical poke at the Pollies and poofters from the hairy arm pitted, sandal wearing, dolphin loving, cardie covered, freedom hating, loony left and the Labour Party.

It isn't quite as funny as Winston Peters and his perplexing interviews but it might just make you titter until you wet yourself.

You can thank me latter. 

Related Political Animal Video

The $700 Billion Question: How much will the taxpayer bailout affect my investments?

I have been busy consumed with dirty politics over the last few weeks and haven't been writing much on investing. I cant help myself, these are interesting times in which we live.

I, like many of us, have been nervous about global economic problems and what that might mean to my investments.

I have a share portfolio, a house, a business, money in the bank and other financial interests that are going to be deleteriously affected by the fallout from the Sub-Prime meltdown.

Whatever your politics or attitude to investing, the US$ 700 billion taxpayer bailout of the US banking system is a necessary evil-I happen to be vehemently opposed to this kind of corporate welfare, but that is another story-we will suffer more economically if nothing is done.

So lets get to the point of this little rant.

Assuming the bailout will go ahead in a reasonably swift fashion, and it is likely to happen, how much impact will there be on your assets?

To be sure there is no free lunch when this size bailout is made, someone has to pay, in this case the American taxpayer digs deep and pays directly and the rest of the world will get caught in the fallout in a more indirect way.

$700 billion of extra debt for the biggest economy in the world means higher interest rates, higher gas, food and living costs and much, much more for the rest of us. All this unproductive spending means higher inflation, a slow down in the US economy, and a cut back by corporations-even outside the crippled financial sector-which will clearly have an impact on employment.

A decent recession is something we will have to look forward to and this will impact on asset classes of all kinds. When $700 billion is removed from an economy like that, your house, shares and business are going to be worth less.

Even though I am a long-term investor in all the assets that I hold, it is still hard to take the day to day devaluing of those assets.

I wrote a piece the other day about what companies you might consider buying during an economic slump of this kind and came to the conclusion that buying stocks in companies that sell day to day commodities or things that people will still use during a recession is a relatively safe bet.

I called it "The Monopoly Board" approach to investing, buy the eclectic, water and airport company monopolies and you will soon see your wealth increase.

Clearly shares in companies that sell widgets that are not essential are going to struggle during the coming downturn and as a result they ain't going to be worth as much.

If the bailout works and it probably will in the medium term, we will still need to hunker down and live a bit more frugally than we have been over the last 15 years or so.

Global economic growth was astounding in those years, assets increased in value multiple times and you shouldn't be surprised if your current assets lose half of their value before things get better. Even with a decrease of that nature we will still all be better off than we were at the beginning of this century.

Oh well, at least I still have my health.

Buy Toughen Up: What I've Learned About Surviving Tough Times

Toughen Up: What I've Learned About Surviving Tough Times

Toughen Up - Fishpond.co.nz

c Share Investor 2008

Thursday, September 25, 2008

VIDEO: President Bush Addresses the Nation, Sept 24 2008

Something that goes beyond politics and of interest to everyone in New Zealand and around the world, President Bush addressed us all really about the dour state of America's economy. 

His announcement explained the position of the economy and the impacts on it if the US$ 700 billion taxpayer funded bailout of dodgy mortgages fails to go through Congress.

It is vitally important for us all to back this bailout, regardless of your politics.


Play Video President Bush on Wednesday said, "Our economy is facing a moment of great challenge. But we've overcome tough challenges before -- and we will overcome this one. I know that Americans sometimes get discouraged by the tone in Washington, and the seemingly endless partisan struggles. Yet history has shown that in times of real trial, elected officials rise to the occasion. And 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." 

Related Links

Play Video  Video (Windows) 
RSS Feed  Presidential Remarks 
Play Audio  Audio 

Full text of George W Bush addressing the nation on Sept 24 2008
Asian Markets mostly down
Cincinnati reaction to Bush Address
UK reaction
Canadian reaction

c Political Animal 2008