More Government Bailouts May Be on Way

On March 14, he inveighed against government bailouts. "The temptation of Washington is to say that anything short of a massive government intervention in the housing market amounts to inaction. I strongly disagree with that sentiment," he told the Economic Club of New York. "I believe there ought to be action. But I'm deeply concerned about law and regulation that will make it harder for the markets to recover."

But, a week later, Bush applauded the series of dramatic government interventions undertaken by Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson, claiming they had "acted swiftly to promote stability in our financial markets at a crucial time." He even thanked Bernanke for "working over the weekend."