Bush gave a good speech. He was absolutely right and explained the situation properly.
I appreciated the President explaining it. I think Paulson was handing him a bill of goods designed to profit Hank’s Wall Street buddies (and himself when he goes back to Wall Street in January). He hoped President Bush would fall for it, but Bush demanded caps on executive pay, which put the brakes on Paulson’s money train.
$700 billion is still too much, and they must mandate reverse auctions.