Bush seeks public support for bailout package

Sridhar Krishnaswami
Washington, Sept 25 (PTI) Expressing concern that the country faced economic ruin if the Congress did not act fast, President George W. Bush took his case on the financial bailout packet to the American people on Thursday.

"The market is not functioning properly. There has been a
widespread loss of confidence, and major sectors of country's
financial system are at risk of shutting down. The
government's top economic experts warn that, without immediate
action by Congress, America could slip into a financial
panic," Bush said in a sombre mood in a nationally televised
address on Thursday.

"I'm a strong believer in free enterprise, so my natural
instinct is to oppose government intervention. I believe
companies that make bad decisions should be allowed to go out
of business. Under normal circumstances, I would have followed
this course, but these are not normal circumstances," the
President warned.

The message by the President is seen as a step to bridge
the divide between Republicans and Democrats and perhaps even
more so within the Grand Old Party.

The blunt message capped a bizarre day in America -- law
makers were still at odds over the bailout package, top
administration officially frantically trying to convince a
sceptical Congress of the urgency of the situation, the
Republican nominee Senator John McCain breaking off his
campaign and returning to Washington D.C. and calling on his
Democratic rival Senator Barack Obama to delay the debates.

The Illinois Democrat saying that he is willing to sign
on to a Joint Statement with Senator McCain on the crisis
facing the country but standing his ground that there should
be no postponement of the first debate scheduled for Friday in
Mississippi. PTI SK