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Bush addresses national financial crisis
President Bush lists the shaky real estate market as one of the main causes of the financial crisis in his televised address Wednesday night.
A financial rescue package to steady the shaky financial market is to be voted on by Congress soon. Bush took to the networks in an effort to explain why this monumental and historical Federal takeover is necessary, in his opinion.
"The market is not functioning properly," he said. "There has been a widespread loss of confidence and major sectors of America's financial system are at risk of shutting down.
Some could argue that such a Federal takeover - the most expansive and overwhelming since The Great Depression - is a step toward socialism (and away from democracy) that would not benefit the U.S. economy in the long run. Bush said he would not normally support such a government enterprise, that business on the brink of failure should not receive a Federal bail out. But, he cited heightened unemployment and housing foreclosures as reasons to support the rescue package.
Bush said his administration is focusing on the root of the crisis: credit problems. Credit lending and loan officers have noticeably tightened their lending processes and people seeking loans or credit for their homes or businesses are finding they can not sustain operations without intervention. This will likely worsen without taxpayers money, Bush said.
What this means for Loudoun remains uncertain: with a drop in foreclosures by 11 percent in August, it seems the local housing market is already on the rebound. Median home sales prices also dipped, making the purchase of homes more affordable than ever before. A financial package that would allow loans for those who qualify seems the be the most appropriate next step.
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