President Bush on the Economy

I heard President Bush tonight but I'm not scared because I don't have a hundred grand in the bank. I am also unemployed and wasn't going to be one of the ones getting a bank loan for a house or a car. I like to be able to afford the things a get.
He said:
For more than a decade we got lots of foreign dollars and we had low interest rates and people enjoyed that. Easy credit and falling home values and bad credit risks and adjustable rate mortgages and supply exceeding demand and mortgage defaults brought us to this point. And little regulation of the financial industry.
Mortgage backed securities sold around the world were bad. Many of these belonging to Freddie and Fannie Mac and questionable investments by those two led us to this crisis.
After people stopped buying and selling MBS because people were defaulting on their loans banks stopped lending money and the financial gears ground to a halt, bailouts started happening.
Then President Bush started to scare me. He said Retirement Accounts would dry up and people could loose their jobs. Like more than normal--like everybody. (then we'd be like a third world country)if this bailout wasn't passed.
He said he and Sens. Obama and McCain and other important people will discuss all of this Thursday.
Taxpayer money is involved and he wants input.
The $700 billion is to purchase that MBS. The government is going to buy and hold those securities until the financial markets are better.
I hope this is worked out because now, I'm really scared.
When I was in college and credit card companies extended credit to my 18-year-old jobless self, my parents bailed me out when I didn't pay them.
After that, I had to pay them myself. Then I learned to be more responsible. I got tired of working and having no money after bill paying.
I guess that is an over-simplified example.
Obama has been keeping up with all of this so he is informed, Chris Dodd, Chairman of the Sen. Banking Committee, said. He said McCain is a come-lately fellow who hasn't been keeping up.
"I'haven't heard a word from John McCain," is what he said.
I trust Obama and what he says. Pay attention America, this involves you.