Ivan Canas: As predicted George W. Bush has destroyed the USA. We are witnessing the fall of the US. Please read the more 'section info' and read the 'more info section at: http://www.youtube.com/watch?v=bxpCkhyhOL8

By Veronica Smith AFP - Monday, September 22 02:45 am

WASHINGTON (AFP) - US Treasury Secretary Henry Paulson urged Congress to swiftly adopt an unprecedented 700-billion-dollar financial rescue plan, deflecting calls from Democrats for measures to help at-risk homeowners.

President George W. Bush's administration has demanded lawmakers move quickly on the plan unveiled Friday to address the gravest financial crisis since the Great Depression, warning that the economy could collapse without prompt action.

"We need this to be clean and quick and we need to get it in place," Paulson said in an ABC television interview.

The Treasury secretary also said the United States was pressing other countries to forge bailouts for their financial institutions similar to the rescue plan.

"I'm also going to be pressing our colleagues around the world to design similar programs for their banks and institutions when they are appropriate," Paulson said in a television interview on Fox News Sunday.

US financial authorities have been working closely with their counterparts in Europe and Japan over the past 10 days to prevent a collapse of the global financial system.

The Bank of Japan said Monday it had injected another 1.5 trillion yen (14 billion dollars) into money markets as stocks in Japan opened sharply higher. The Japanese central bank injected 11 trillion yen into the system last week.

Paulson said the US bailout plan would also cover non-US institutions with operations in the United States.

Leaders of the Democratic-controlled Congress voiced support for the plan to buy the toxic mortgage-related assets of financial institutions but also said there should be some help for ordinary Americans hammered by the worst housing slump in decades.

Senator Charles Schumer of New York said the rescue was needed but had to be carried out in an open, transparent way and provide some relief for homeowners as well.

"We have to do something about the mortgage crisis, not just foreclosures but the price of housing, which is affecting everyone on Main Street," the influential Democrat told Fox.

In talks with lawmakers, Paulson appeared open to some changes to the proposed rescue plan, according to Schumer, who expressed optimism Congress would move quickly as urged by the Bush administration.

"We have a patient whose arteries are clogged, and the first thing you want to do is avoid a heart attack. So we have to do something.

"And I think the odds are even higher than 50 percent we'll get something done," Schumer said.

In interviews on several networks on Sunday, Paulson did not specify what changes he might accept but stressed the need to act without delay.

"There are many people in this country that need help. But the biggest help we can give the American people is to stabilize our financial system right now," Paulson said.

Paulson told ABC it was essential to prevent the financial system from clogging up, "because if it does clog up, this is going to have an adverse effect on people's abilities to get jobs, on their budgets, on their retirement savings, on lending for small businesses and so that's where the first priority has got to be."

Paulson acknowledged that some American homeowners need help in the wake of the US subprime mortgage crisis that triggered a global credit crunch 14 months ago. Tight credit has sent foreclosures spiking and home values have fallen as a glut of unsold homes sit on the market.

"Once we get the system stabilized, there's a lot of other things to be done," he said.

Negotiations on the proposed bailout were complicated by a tight presidential election race six weeks ahead of November 4 polls and as Democrats seek to bolster their narrow majority in Congress.

The bailout proposal comes on the heels of the unprecedented government rescue of giant insurer American International Group and the seizure of mortgage-finance giants Fannie Mae and Freddie Mac.

The Republican Senate Minority Leader, Mitch McConnell, issued a statement calling for the bailout plan to remain free of "partisan plans or pet projects."

Senate Banking Committee Chairman Chris Dodd agreed that "clean and simple" bill was necessary, but the Democrat also called for changes to the proposal to ensure accountability and assistance for homeowners.

Not all Republicans were on board with the Bush administration's departure from the party's conservative free-market principles.

Representative Mike Pence of Indiana said that "nationalizing every bad mortgage in America is not the answer."

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[xerosisonek]

Don't fall for it. Republicans & Democrats are the same. The US is the property of the Federal Reserve, and presidents must do as they are told. They picked Bush and only an idiot would think that they didn't pick Obama. Watch and see what he does. No, look at what he has done so far. He was chosen so that everyone will hate the blacks when he's finished. And they will be the first ones rounded up in the trucks driven by his NATional SErvice volunteers. Poor America.

[dantheleo]

George Bush is brilliant compared to this inexperienced and ignorant fool we have in the W.H. today!

[mizzMami2010]

how can u idiots boil this down to obama being black or others hating him and the black race....... We are in 2012 .. i thought that by now racisn would be over!!!!

[wwerulzs64]

@xerosisonek obama is half white sooooooooooooooo

[TheAngryAmericanwon]

I muted his voice....

[BobbyVision2020]

@xerosisonek So one man will determine the way people look at blacks. That shows you how dumb this country is. Every black person doesn't agree with Obama and every black didn't vote for Obama.

[DJERTH94]

His fckn face looks so demonic! And his voice sounds like a fckn diabolic goat!!!

[NowThePeople]

@dantheleo I did not say anything about Obama, you are bringing up Obama my friend. I was simply pointing out that before Bush our country seemed to be in better shape, and that in the 8 years that he was in office things went down hill, such as unemployment, 2 wars gas prices ect.

[dantheleo]

@NowThePeople The so-called surplus has been proven false time and time again, turns out nobody factored in Social Security, Medicaid and Medicare to that budget. The Bush Tax Cuts were for EVERY AMERICAN, as obama stated when he extended them. Obama now has us in 3 wars, unemployment is higher than the disastrous Crater era, welfare and government assistant is at an all time high since Clinton and Rep. Congress reformed it successfully, and gas is up to $3.60 and rising all thanks to obama!

[NowThePeople]

@dantheleo Before Bush the total budget surplus over first 10 years of this century was projected to be $4.56 trillion by the Congressional Budget Office. You can't fight an expensive war AND cut taxes for the RICH simultaneously without sending the U.S. economy into the tank. That is economics 101, I guess George Bush missed that class. Before Bush unemployment was 4.2% after Bush 6.7%. Gas was $1.39 before Bush after Bush it was $3.07. The numbers tell the truth:)

[dalecampbl9]

Bush is the biggest loser in the history of US presidents..but don't forget the majority republican congress and a few traitorous DEM who allowed BUSH to go to war and waste our money...people say Obama spent too muc...but what did OBAMA spend on? TO prevent a financial disaster...caused by the REPUBLICANS...when you fuck up it comes back 5 years later you bite you in the ass and now we have the GREAT RECESSION and the recalcitrant GOP are still lying through the teeth about spending.

[dalecampbl9]

Bush is the biggest loser in the history of US presidents..but don't forget the majority republican congress and a few traitorous DEM who allowed BUSH to go to war and waste our money...people say Obama spent too muc...but what did OBAMA spend on? TO prevent a financial disaster...caused by the REPUBLICANS...when you fuck up it comes back 5 years later you bite you in the ass and now we have the GREAT RECESSION and the recalcitrant GOP are still lying through the teeth about spending.