icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
26 Sep, 2008 01:14

Bush, Obama & McCain unite in face of crisis

U.S. President George Bush and the two men fighting to succeed him, Barack Obama and John McCain, are teaming up in an attempt to push through a multi-billion-dollar U.S. bailout for Wall Street. The measure is meant to

The meeting between President Bush and his wanna-be successors comes after many members of the Congress continue to resist the $US 700 billion bailout opposing its high price tag and questioning its effectiveness.

Meanwhile, Americans in 130 U.S. cities have taken to the streets to protest. They call the Bush bailout ‘a massive fraud’.

Lynn belongs to the first wave of homeowners who lost their homes as a result of the real estate crisis.

“I feel absolutely disgusted. I feel absolutely outraged. And I feel compelled to hit the streets 24/7,” Lynn says.

And she is not alone. Protestors hope to start a grassroots movement against the government's actions.

“It's not my job or the job of other individuals through the entire country to take up the bill paying $US 2,300 each,” says Paul, a protester.

Much of the resistance is fueled by mistrust towards the Bush administration.

“They haven't shown me any reason to trust them. This has been a long time coming and nothing has been done,” another protester says.

On Wednesday night, Bush has tried to make out his case to the nation.

In a rare prime-time televised address, the president called for a quick fix.

“The government's top economic experts warn that without immediate action by the Congress, America could slip into a financial panic and a distressing scenario would unfold,” George W. Bush said.

He means the scenario often described as ‘a financial tsunami’ that would wipe out retirement savings and result in more foreclosures, lost jobs and closed businesses.

The crisis has also thrown the presidential race off track.

Just two days before the first presidential debate, John McCain said he might not show up unless the Congress passes a bill on the economy.

Some see this move as a political ploy to boost his falling ratings and buy more time.

“There is absolutely no reason why they can't have a debate. We have two wars going on right now and it's not like President Bush could say: I want to stop this wars in Iraq and Afghanistan and I can deal with this financial crisis,” said Daniella Gibbs Leger, from the American Center for Progress.

Obama criticised his opponent's ability to multitask and vowed to show up for the debate with or without McCain.