President Bush and the bailout: Witnessing defeat, with a foreign leader at his side

It's difficult for a president to admit defeat -- and it must be even more so sitting next to a foreign leader.

But there was President Bush, sitting in the Oval Office with Viktor Yushchenko, the president of Ukraine, trying not very hard to be forward-looking in the face of his stunning defeat on the $700-billion bailout plan.

Yushchenko, of course, is no stranger himself to political chaos and economic turmoil and, particularly, to feeling threatened by political opponents.

Did all that make it easier? We doubt it.

In any case, after the House, with huge Republican defections, defeated his plan, Bush needed some face time with network cameras to deliver a message of resolve.

The first opportunity to do that came moments after the vote, with the visiting Yushchenko.

And so, with the guest at his side, Bush said he was "disappointed" by the House vote.

He continued:

We put forth a plan that was big because we got a big problem.  I'm going to be talking to my economic advisors after my meeting here with the president, and we'll be working with members of Congress -- leaders of Congress -- on the way forward.

"Our strategy is to continue to address this economic situation head on," Bush said. "And we'll be working to develop a strategy that will enable us to continue to move forward."

-- James Gerstenzang

Photo: Saul Loeb / AFP / Getty Images

Comments

[lou]

Bail out fails, oil goes down? ummm What would happen if bailout successful?
oil up, Halliburton up. Whats good for Halliburton is good for the USA.
http://www.squidoo.com/double_speak

[lou]

yah oil down

[lou]

oil down is good

[J.R.Pascual]

I hope the bail out will address the problem of the financial system's hugh leverage. Putting a ceiling on leverage may solve the problem but it should not be so low that it will restrain economic growth.

A better solution maybe to send the people in Wallstreet with a DNA addicted to gambling and risky investment to Las Vegas where they belong.

JRP