September 20, 2008
Look, I’m sure there are some of my friends saying, ‘I thought this guy was a market guy — what happened to him?’” Bush said. “Well, my first instinct wasn’t to, you know, lay out a huge government plan. My first instinct was to let the market work, until I realized, being briefed by the experts of how significant this problem became. And so, I decided to act and act boldly.
“It turns out that there’s a lot of interlinks through the financial system. The system had grown to a point where a lot of people were dependent upon each other and a collapse of one part of the system wouldn’t just affect a part of the financial markets, it would affect … capacity to borrow money. to buy a house or to finance a college loan. It’d affect the ability of a small business to get credit. In other words, the systemic risk was significant and it required a significant response. And Congress understands that and we’ll work to get things done as quickly as possible
- George W Bush
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