September 30th, 2008
06:09 PM ET

The Terminator on the bail-out

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/09/30/art.schwartzenegger.jpg]
Editor's note: Arnold Schwarzenegger declines his California governor's salary of $206,500 as a way to help bring the state's budget under control. Here are his comments on the national financial crisis from a press conference today.

QUESTION: The bailout plan stalled in Washington, the stock market in trouble. Is it time for you now to start accepting that governor's salary?

Governor Arnold Schwarzenegger: No. I’m still OK, don't worry about me. But I think that one thing we know for sure, and that is that we want to urge the legislators in Washington, Democrats and Republicans to get together and to put aside all the politics and to think about the people of this great nation. It is very important now that they step in and they do exactly what President Bush has recommended. I think they have a good package there.

And it doesn’t have as much to do with Wall Street, it has more to do with the ordinary folks out there with little businesses that need loans, people that need student loans, families that want to pay for the education for their kids, or little businesses that want to borrow money to pay for the wages for their employees and stuff like that. So I think everyone is going to be hurt right now if they don't come to a solution right away and help the situation...

Both of the candidates, the presidential candidates, talk a lot about leadership. This is now the time to show leadership. This is the time where they should encourage their parties to go and work together and to get this done.

Filed under: Bailout Turmoil • Raw Politics
soundoff (31 Responses)
  1. Rosalind Schuessler

    Why are we making decisions for or against bailout without the slow and deliberate information from Global Economists? I am a life long Democrat but I don't want any decision made by anyone on this very complex issue who is not politically neutral and has spent the last 20+ years studying and working within the Global Economic System. I was sent a blog by a colleague that contains discussions from world leaders in Economics. I can and do feel that their input is the only information that is worth listening to...that includes, everyone on both sides of the aisle. I am at a loss to understand why everyone and their mothers are weighing in in highly emotionally terms on an issue that requires calm, cool, experience and intelligence.

    September 30, 2008 at 8:56 pm |
  2. A.Sinowenka

    Anderson Cooper is the best program that ever happen to CNN..
    Anderson well don.. im a german living in manila ph..

    September 30, 2008 at 8:56 pm |
  3. Jim

    What is Arnold smoking? The majority of Americans are opposed to any bailout. People with really good credit can still borrow money for appropriate use/risk. If you cannot get a loan, it's because you and/or your project represent too great a risk.

    September 30, 2008 at 8:53 pm |
  4. Joe from New York


    you need to open all the bank mail you get.

    0% for 12 months 5,10,15,20, K, C/Card loans

    this bologna ain't gonna last

    September 30, 2008 at 8:52 pm |
  5. Ed

    Hundreds of thousands foreclosed homes in California, commercial real estate collapsing (all built around the barren housing developments), 1.2 million people unemployed and he takls about what Washington should do for America ? If the Feds would just allow the natural market cleansing to occur (recession), yes it will be painful for 3-4 years, but the US will be better for it, and once again we will be the economic engine of the world. No BAILOUT for Wall Street.

    September 30, 2008 at 8:50 pm |
  6. Nick

    On the economy I can not even believe that both polictrical parties would go on any type of holiday or take time off considering the state of our counties economics, and it only shows how self serving they really are and that the state of the our country is more like 3rd or 4th on there list of things to do and of cross they have plenty of money saved up to ride it out, unlike the rest of us who actually work just to eek a reasonably comfortable living, what we all should do is take a vacation all together at the same time for a week spending no money what so ever, drive no where, buy nothing especially from big corporate store and business, and show them where the real power is in the american public the whole country on strike, we do need to vote all of them out though.

    September 30, 2008 at 8:40 pm |
  7. Alex Bowier

    I'm glad Annie Kate of Birmingham Al does not live in California, because you really don't know what you are talking about if you think that Arnold is the right person to be the President of the United States when California is four billion dollars in the hole every year he became Governer of California. Maybe you don't know that members of his own party are calling for his impenchment. please stay right where you are and don't even come here to visit us. Thank U.

    September 30, 2008 at 8:36 pm |
  8. Bret Peters

    Arnold is a rank and file Republican, so no surprise there. I'm interested in hearing more about the DeFazio plan. I have done some research today on other similar successes, as well as our 1980's solution. Looks good with risk but not to the tax payer. But with the world economy as well as our own credit freeze depending on confidence of immediate action by Thurs. I feel we have run out of time to try it. Also in future hind site, we will all feel like fools buying into the fear and hype feed to us by the powers that be. Fools rush in but we were all left little time to come to a solution, even though they knew of the crisis forming months earlier. One of the many reasons I'm voting Obama. Fool us once(Iraq), shame on you. Fool us twice, shame on us. "A house divided will fall" If we all go down with this we should all go down together. Not fare but we are left with little options, as always with this administration.

    September 30, 2008 at 8:36 pm |
  9. Fred

    Wouldn't it be nice if the retired Presidents and the soon to be retired
    President voluntarily agree to forego their Presidential pensions as a sign of solidarity with the American people?
    Why isn't the world(Great Britain, Japan, China Germany, etc.) contributing to this bailout-it's intended to save the world's financial markets?

    September 30, 2008 at 8:32 pm |
  10. Ratna, New York, NY

    I predict that he will be making a come back to Hollywood.

    That means that he will be PUMPING IRON again!



    September 30, 2008 at 8:29 pm |
  11. Steve

    It's times like these the ol Governator sounds a LOT like Governor Palin...

    Who is it that plays him on SNL? I can't wait!

    September 30, 2008 at 8:24 pm |
  12. mick

    Why does the government want to bail out Wall Street? They say it's because credit/lending will dry up and possibly come to a halt.

    SO WHAT?

    Didn't too much credit/lending cause this problem in the first place?

    I say, let the credit/lending stop or slow down...and force people to buy with what they already have...and not with what they have to borrow.

    The people of the USA and our government are all turning into debtors...and we are living on credit and borrowed time.
    STOP the lcrazy ending/borrowing folks....

    September 30, 2008 at 8:23 pm |
  13. steven

    Now, I think its smart Governor arnold has mentioned the government needs to put aside the sides. I think thats what we need now is to stop pulling the I'm Democrat or I'm republican and sit down and discuss this Finanacial instability. Me as a college student am worried about my future regarding Wall St.. So, screw the whole Dem and Repub. Get the country out of squalers. What we need is more sittin and more discussin.. put the campaign on hold for a week or so, then worry about it.. Or McCain and Obama can pull ideas out. Now, however, they both need to get over the fact that they will cut taxes, because no matter what the plan is, taxes won't be decreased..

    September 30, 2008 at 7:43 pm |
  14. James Edwin Whedbee

    Or is that, prey?

    🙂 James Whedbee...

    September 30, 2008 at 7:39 pm |
  15. James Edwin Whedbee

    Economic Bailout Plan B...

    It's got something conservatives and liberals will both love...for the liberals, we don't spend the medical coverage proposal Barack Obama is proposing, for the conservatives, it's a faith-based initiative...wanna know what it is?


    🙂 James Whedbee...

    September 30, 2008 at 7:38 pm |
  16. Maureen / Newman, California

    Don't worry Arnold, they'll be back. And they will eventually pass a better bill.

    GF – Just a thought. Small businesses need to borrow money to meet payroll and to pay the bills. Crazy but true and I am certain it happens more than anyone knows. I agree that they would all be in better shape if they did not have to rely on LOC's. But think of how gas, healthcare, rising utilities, fuel surcharges with most office bills, etc. has affected them these past eight years.

    September 30, 2008 at 7:31 pm |
  17. Mary Hath Spokane

    Excuse me Governor....you really 'think' we should do what President Bush tells us to do? This, the man who should be impeached for his crimes like his role in 9/11 and our country killing hundreds of thousands Iraq ciitzens!

    No, Governor...we should ask our Congress to be fearless and say ,"NO" to the foreign bankers, the Federal Reserve. Instead let us do as Lincoln, Kennedy and Reagon wanted – form a bank owned by the citizens of America. Let us loan money to ourselves!

    Does Congress want a simple solution to the devaluation of houses – simply call for a moratorium on cutting down trees! We will save our own rainforest and may be even the earth in the process!

    Mary Hath Spokane, author of the U.N. Peace Pledge:
    "We are Peace Prophets. We will never kill another brother or sister Human Being. We believe only the Creator of that Life has a right to end that Life."

    September 30, 2008 at 7:24 pm |
  18. Riv

    Actually, small businesses use lines of credit to do payroll or to cover expenses all the time. If they're responsible they pay it back ASAP, but if cashflow is low at a critical time, they'll often use lines of credit.

    September 30, 2008 at 7:23 pm |
  19. Kent, Illinois

    I think they should make an Amendment and let Arnold be President. I don't think anyone would even run against him...............

    September 30, 2008 at 7:21 pm |
  20. Ms. Adams

    There's no fun when the rabbit got the gun!

    September 30, 2008 at 7:18 pm |
  21. Poker Face In Los Angeles, CA

    I think the Governor should be the last to say politicans from both party should work together, when he was the one who said he was immediately veto a budget brought to him if it wasn't of his liking. Annie Kate, trust and believe that our country would be in the same disstress if he was the president.

    September 30, 2008 at 7:16 pm |
  22. Rob W

    If you read Schwarzenegger's statement using the Jay Leno "Awnald" voice, it begins to make more sense.

    September 30, 2008 at 7:14 pm |
  23. Joe Murphy (Hilton Head, SC)

    Is it possible to use the proposed bail out money to buy up oil fields for ownership and turn around and drop the gas prices for consumers?

    September 30, 2008 at 7:12 pm |
  24. AJ

    The Bush admin. has ZERO credibility. Free markets work. When abuses run rampant, the free market will punish the offenders. They say if we don't do what they want, the financial world will collapse. What they don't say is that even if we DO what they want-it might still collapse after they squander $700B+. Weeks ago, they claimed the ATMs would stop working and the economy would collapse if we didn't give Paulson all our money and all the power he demanded. Where is the collapse? Probably hidden somewhere with the WMD's and the civil liberties they took away with the Patriot act. No more scare tactics.

    September 30, 2008 at 7:09 pm |
  25. Jennifer-Ca

    This is why many of us Californians, even those supporting Obama, reelected Arnold Schwartzenneggar. He has a wise, steady hand and is willing to invest in our state's economy to bring us out of the verge of bankcruptcy. And he's certainly right about the bailout. I understand why people are worrying, $300 billion dollars is a large lump of money, but a credit freeze is even more costly. I believe the old adage "prevention is better than a cure" applies to this current situation. I applaud Gov.Schwartzenneggar for avoiding the girly man route.

    September 30, 2008 at 7:07 pm |
  26. Maria

    Today, Wall Street looks green, I think market needs to take break from politics. No need for bailout as long the market can stand up by itself without fed help.

    September 30, 2008 at 7:00 pm |
  27. JC- Los Angeles

    Here in California, Arnold was a ubiquitous presence during the boom and up until today, nowhere to be seen during the bust.

    Since 9/11 and with each erroneous Greenspan rate cut, California become a cesspool of mortgage fraud.

    The fraud factories at Countrywide, Bank of America, WAMU, Wells Fargo and endless others ratcheted up production to staggering levels before sticking it to Wall Street and then Fannie & Freddie.

    Arnold rolled out the California welcome mat as the fraud factories applied "white out" and "photo shop" to all loan documents and appraisals.

    With the state on the brink, Arnold's acting skills will be tested as well as his ability to still do some heavy lifting.

    September 30, 2008 at 6:58 pm |
  28. Stan

    I feel your animosity about the failed bailout plan this week, but as a small business person, I had to go to the bank today to renew a loan. I have better financials (income and equity) this year than I did last year, when I needed a loan on one of my commercial properties. But today they said “Sorry” and I cannot get the loan for improvements I need to my building to put in a new tenant. My fellow commercial property owners in our Midwest area are feeling the same credit pinch.

    Stan from Indiana

    September 30, 2008 at 6:38 pm |
  29. Annie Kate

    Too bad Arnold can't run for President. He is about the only one on the political scene that even looks like a leader.

    Annie Kate
    Birmingham AL

    September 30, 2008 at 6:38 pm |
  30. GF, Los Angeles

    "... little businesses that want to borrow money to pay for the wages for their employees and stuff like that."

    Is it me or is this just an absolutely insane statement? If a business has to borrow money to pay their employees, that business is 1/2 a step away from going under. Businesses should be making a profit or at least break even to survive. This borrowing has completely gotten out of hand.

    I find it ironic that Schwarzenegger wants to borrow when that's the problem California has been facing for years hence the recall of Davis and him being brought in. The state has been borrowing in future budgets since there is at least a $4 billion shortfall each budget and growing. He didn't want anymore borrowing to pass this budget which caused a whole other fiasco I won't go into. Enough with the borrowing! All it takes is for one country that we've borrowed from to demand instant repayment and we will be in a bigger hurt then this.

    September 30, 2008 at 6:32 pm |
  31. Francis E. Ford Jr.

    Another question; how many houses were built in the last eight years? How many were over $200,000, $300,000, $400,000 or higher? Did the industry think they could put every American in a luxury house?

    September 30, 2008 at 6:23 pm |