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Much of the current turmoil in the economy could have been prevented with responsible regulation and oversight by the executive branch. But the foundation of the Bush Administration's approach to governance is the absence of meaningful regulation -- turning a blind eye to waste, fraud, abuse, as well as general mismanagement of everything from Wall Street to the war in Iraq.

Speaker Pelosi sent the following letter this evening to President Bush urging him to give a comprehensive and effective systemic response to ongoing turmoil in the financial markets and saying that the worsening economy demands that we have another economic recovery package.

Below is a text of the letter:

September 18, 2008

The Honorable George W. Bush

Today, the House passed the No Child Left Inside Act, H.R. 3036. One of the greatest challenges facing current and future generations is to build a more sustainable, energy-efficient world.

Today, the House Natural Resources Committee, led by Chairman Nick J.

Yesterday, the House passed the Comprehensive American Energy Security and Consumer Protection Act which takes aggressive steps to crack down on the extreme misconduct at the Mineral Management Service -- the agency charged with collecting royalties from oil and gas companies.

Americans know it is time for an oil change - the Comprehensive American Energy Security and Consumer Protection Act passed by the House yesterday will lower costs for consumers, invest in clean, renewable energy resources, expand our domestic energy supply, and promote greater energy efficiency and conservation.

Tonight, the Federal Reserve announced that it will lend up to $85 billion to the American International Group(AIG):

Fed in AIG rescue - $85B loan

CNNMoney.com - September 16, 2008