Former United States President George W. Bush brings himself up to speed on the collapse of the American economy:
Well, my first instinct wasn’t to lay out a huge government plan. My first instinct was to let the market work until I realized, upon being briefed by the experts, of how significant this problem became.
And so I decided to act and act boldly. It turns out that there’s a lot of interlinks throughout the financial system. The system had grown to a point where a lot of people were dependent upon each other, and that the collapse of one part of the system wouldn’t just affect a part of the financial markets; it would affect the average citizen — and how. Well, it affect their capacity to borrow money to buy a house or to finance a college loan. It affect the ability of a small business to get credit. In other words, the system risk was significant, and it required a significant response, and Congress understands that. And we’ll work to get something done as quickly and as big as possible.