Obama: Bailout Bill Needed, U.S. in a “Very Dangerous Situation”

Associated Press

The Land of Lincolner plans to explain to voters in Reno, Nevada what it will mean to them personally if the bailout bill isn’t passed in Congress.

Counters the perception that not acting will result only in the failure of a few banks on Wall Street during midday rally.

According to early excerpts: “What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college.”

“What it means is that businesses won’t be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have…Millions of jobs could be lost. A long and painful recession could follow.”

Read prepared remarks here.

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