Posted on 11/24/2008 3:07:33 PM PST by marshmallow
Bush defends Citigroup rescue, says more such moves are possible if others need help
WASHINGTON (AP) -- President Bush argued Monday that the government's dramatic rescue of Citigroup was necessary to "safeguard the financial system" and help the economy recover, and he said there could be more such moves if other institutions need help.
Bush said he approved the action, recommended by Treasury Secretary Henry Paulson, while flying back to Washington on Sunday evening from meetings in Peru with Pacific Rim leaders. He spoke with President-elect Barack Obama on Monday morning about the move, part of what he has promised will be "close cooperation" between his administration and the Obama camp until the transfer of power on Jan. 20.
Referring to the Citigroup rescue, Bush said: "We have made these kind of decisions in the past. We made one last night. And if need be we will make these kind of decisions to safeguard our financial system in the future."
Briefing reporters later, White House deputy press secretary Tony Fratto would not identify any other firms or institutions that might be next in line for government assistance. "We would never foreshadow any specific actions involving private firms, but I think it's safe to say ... that we take threats to our financial system seriously and we stand ready to take any steps necessary to prevent systemic events in our economy," Fratto said.
He also said that the Treasury Department could rethink its decision last week to leave the final $350 billion of the $700 billion in bailout money approved by Congress for the Obama administration. Fratto said Treasury officials "wouldn't hesitate to go to Congress" for that money if it feels it is needed now.
(Excerpt) Read more at biz.yahoo.com ...
How many more of these deals will be needed to protect the system?
Yeah, let’s continue bailing out the lenders with the taxpayer’s dollars, so the lender can turn around and lend that same money back to the taxpayer for an interest fee.
Sure, it’s more complicated than that, but it still stinks.
I don’t know about the rest of you but I am getting more than a little annoyed about our government paying off gambling debts for “financial institutions.”
I think all of us FReepers should get together and say we need OUR bail out.
There are enough of us to have them take notice.
So Bush is saying that Marxism is needed to protect Capitalism.
Just Great.
Where have all the Bushbots gone?
It's on life support.
And in a more just age, a man like Bush would have been publicly horsewhipped for betraying the publics trust. I look forward to evicting this half-wit from The Oval Office.
Maybe this is what Papa Bush had in mind when he first spoke of "voodoo economics" 28 years ago, now.
Maybe this is what Papa Bush had in mind when he first spoke of "voodoo economics" 28 years ago, now.
Maybe this is what Papa Bush had in mind when he first spoke of "voodoo economics" 28 years ago, now.
Let me fix that:
Bush Says Citigroup Deal Needed to Protect the Arabs 20% of Citicorps holdings
There fixed it.
Now if the Arabs would only purchase 20% of Ford, GM and Chrysler, they could be bailed out too!
Follow the Arab money, and you follow the bail.Buy low stock and wait for the bounce.
The New World Order's obedient errand boy and sock-puppet.
The guy is certifiably nuts, OR is drinking heavily again.OR quite frankly, BOTH.
A trainwreck of an administration is not happy launching as many locomotives over the cliff with OUR money in them.
The sooner he retires to his 300 acre fortress in Paraguay, the better.
To hell, hopefully, along with the McCainiacs and the rest of the spineless quasi-Socialist RINO traitors.
Stealing the lyrics from an old favorite:
"99 fed'ral bailouts on the wall,
99 fed'ral bailouts,
Give one to Citi and pass it around,
98 fed'ral bailouts on the wall."
The only difference is when you get down to zero bailouts, they'll declare another emergency and restart at 99.
We can’t bail out a failing auto industry but bailing out a failing banking industry is a dire need.
Why don’t they just tell us that martians are holding us for ransom and we need to pay them off or they’ll destroy the earth? It would be just about as credible.
“How many more of these deals will be needed to protect the system?”
Many forever. No side is talking about reforms, new laws and the rescue of old laws, to protect us. A lot of Republicans drank the “deregulation” kool-aid, the Democrat’s are in the pocket of Wall Street finance. Have been since Milken era.
GW Bush purchased 100,000 acres of land-locked Paraguayan soil for God knows what.
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