How is the economic crisis affecting you?
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/25/art.bank.gi.jpg caption="Bush is encouraging the Nation to support his financial bailout plan."]
FROM CNN's Jack Cafferty:
If the bailout package works, it won't come a moment too soon.
President Bush told the nation last night without quick congressional action more banks could fail, the stock market could drop even further, slashing the value of retirement accounts.
Home values could go into free-fall in this environment which could lead to a dramatic rise in foreclosures.
The President also said more businesses could fail as a result of this crisis and millions of Americans could lose their jobs. As it is, first time unemployment claims hit a seven-year high this morning.
Ultimately the President said our country could experience a "long and painful recession."
It's comforting Washington finally decided to get in the game. This is a crisis that's been developing in plain sight ever since the housing bubble burst. People who should never have gotten mortgages are seeing their homes foreclosed on because they can't make the payments.
Let's just hope our government decided to act in time.
Here’s my question to you: How is the nation's deepening financial crisis affecting you?
Interested to know which ones made it on air?
Has the financial crisis changed your mind on who to vote for?
Click the play button to see what Jack and our viewers had to say. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
There is a chorus of voices suggesting we should be very afraid:
President Bush, "Our entire economy is in danger."
Treasury Secretary Paulson, the average American "should be scared."
Warren Buffett called the turmoil in the markets an "economic Pearl Harbor."
Former GE chair Jack Welch says America's in for "one hell of a deep downturn."
Not exactly the easiest climate for the next president to start his new job in...
And yet two men– Senator John McCain and Senator Barack Obama– still want the job.
Watch: Cafferty: Economy and voting
John McCain announced late yesterday he was suspending his campaign and rushing back to Washington. He called for tomorrow's debate to be postponed. Obama and McCain put out a joint statement calling for a bipartisan effort to deal with the crisis. But lawmakers beat them to the punch without the benefit of campaign politics.
Now it's back to the campaign trail for Obama and McCain-with both of them trying to convince us he knows more about fixing this mess than the other guy.
Here’s my question to you: Has the deepening financial crisis changed your mind on who to vote for for president?
Interested to know which ones made it on air?
Is McCain playing politics with the nation’s financial crisis?
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/25/art.mccain.global.gi.jpg caption="John McCain announced that he was suspending his campaign and pulling TV ads."]
FROM CNN's Jack Cafferty:
Senators Barack Obama and John McCain are in Washington to meet with President Bush and other lawmakers... After the president summoned them there to help hash out a bipartisan resolution to the big 700 billion dollar financial bailout plan. It's another grand but empty political gesture. But you can't let a good photo-op go to waste.
Hours earlier, Congressional leaders reached an agreement on a bipartisan counter-proposal to the Bush plan... Without the help of either candidate or the president. The lawmakers are hopeful they'll have a vote within days and a bill on the president's desk soon after.
Yesterday John McCain, in a grand gesture, announced he was suspending his campaign and rushing to Washington to save the day. A lot of people saw that as the naked political stunt that it was. House Financial Service Committee Chairman Barney Frank, one of the architects of the bailout plan, said, "We're trying to rescue the economy, not the McCain campaign." McCain's plane had barely touched down when lawmakers announced their deal.
Now presumably he won't have an excuse for not showing up to debate Barack Obama in Mississippi tomorrow night.
Here’s my question to you: Is John McCain playing politics with the nation's deepening financial crisis?
Interested to know which ones made it on air?
@jackcafferty on Twitter
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