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Bush Says Citigroup Deal Needed to Protect System
AP via Yahoo News ^ | 11/24/08 | Jennifer Loven

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 ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: acorn; bailout; bush; bushbailout; bushsellout; citigroup; paulson; rino; rinos; sellout; socialism; socialist; treasury
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To: AC-130 Gunship

“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.”


I don’t think of the supply-siders, “we will grow out of the deficit” guys as internationalist types. They are more just hustlers with a streak of class warriorism.

Those are the people who handles Bush for years and gave him the feeling he was doing something smart.

As for now, I don’t know what the NWO has to do with it. By their public pronouncements the foreign leaders just want their dollars secured. Bush is their puppet because he has leveraged us by his massive deficits which the foreigners also finance.


41 posted on 11/24/2008 3:29:40 PM PST by Shermy (Rush Limbaugh is an agent of Saudi Arabia. At least Aramco, basically the same thing.)
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To: rabscuttle385

“Money, not morality, is the principle commerce of civilized nations.”
—Thomas Jefferson

...and he, personally, financially, screwed more friends and service people than any President.


42 posted on 11/24/2008 3:29:40 PM PST by BilLies
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43 posted on 11/24/2008 3:30:42 PM PST by Zeddicus
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To: AC-130 Gunship
he sooner he retires to his 300 acre fortress in Paraguay, the better.

300 acres would be just the driveway...his property purchase was rumored to be 10,000 acres.

44 posted on 11/24/2008 3:32:22 PM PST by riri
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To: boxer21
WOOOOO HOOOOO FREE MONEY!!!!!!!!

Image and video hosting by TinyPic
45 posted on 11/24/2008 3:34:26 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: riri

Surrounded by a moat filled by sharks with laserbeams on their heads.


46 posted on 11/24/2008 3:34:26 PM PST by 1rudeboy
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To: Shermy
They [supply-siders] are more just hustlers with a streak of class warriorism.

Please elaborate.

47 posted on 11/24/2008 3:36:44 PM PST by 1rudeboy
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To: marshmallow

I have a plan. Let the federal government collect all of the crappy debt. Then the states can secede from the union, and D.C. can hold the bag.


48 posted on 11/24/2008 3:36:49 PM PST by Vince Ferrer
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To: Boiling Pots
I trust The Onion more than I trust the MSM. Their stories may be satirical, but they always capture the real issues that the MSM won't talk about. ;)
49 posted on 11/24/2008 3:37:49 PM PST by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: oldbill

My GAWD this is going to be ugly by January 20th!

One of the ways astronomers know there is a celestial body is by examining how other celestial bodies are responding to it’s existence.

The response of our government is, IMO, compelling evidence that something very big and very bad is on the horison. And they may be powerless to do anything more than hold it at bay for a few extra months and hope for a miracle.


50 posted on 11/24/2008 3:42:11 PM PST by RobRoy (Islam is a greater threat to the world today than Nazism was in the 1930's.)
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To: RetiredArmy

“Another ally of Mr Bush, the Colombian President Alvaro Uribe, criticised Washington’s failure to deal with the uncontrolled financial speculation. “The whole world has financed the United States, and I believe that they have a reciprocal debt with the planet,” he said.”

http://www.independent.co.uk/news/world/politics/putin-turns-on-us-irresponsibility-948577.html


51 posted on 11/24/2008 3:42:47 PM PST by Shermy ("The whole world has financed the United States, ...they have a reciprocal debt with the planet.")
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To: Mr. Jeeves
"I will add, that the man who never looks into a newspaper is better informed than he who reads them; inasmuch as he who knows nothing is nearer to truth than he whose mind is filled with falsehoods & errors. He who reads nothing will still learn the great facts, and the details are all false."

Thomas Jefferson in a letter to Michigan's first senator John Norvell.
52 posted on 11/24/2008 3:44:40 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: erkyl

Graphic hereby stolen and will be used widely with no credit provided.


53 posted on 11/24/2008 3:45:06 PM PST by freedumb2003 (Der neuen Fuhrer: AKA the Murdering Messiah: Keep your power dry, folks)
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To: RobRoy

Methinks you are right.

I think that right now all the insiders are secretly arranging their affairs to maximize their personal positions and gains and get the hell out before the rest of us find out how bad things really are.

Insider trading is minor league stuff compared to what’s going on now in the inner sanctums of business and government.


54 posted on 11/24/2008 3:46:43 PM PST by oldbill
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To: Shermy
Goldman Sachs ran the Clinton Administration and they obviously run this administration and will in turn run the Obama Administration. The more things change the more they stay the same. Let us finish with this farce that we have a republic or a democracy. The politicians of both parties are totally beholden to the big government Wall Street leftists be they nominally democrat or republican.
55 posted on 11/24/2008 3:53:02 PM PST by brydic1
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To: marshmallow

Keep printing that money. I nominate Robert Mugabe as the next treasury secretary.


56 posted on 11/24/2008 3:54:02 PM PST by mysterio
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To: E. Cartman

This is what happens when people vote party over principle.

We knew long that the republican party no longer deserved conservative votes, but people voted for them. This pattern allowed the GOP to rot throughout.

The result - dems controlling all branches of government (with the possible exception of the USSC - Kilo was very bad)

The US needs a “Thomas Jefferson” party.


57 posted on 11/24/2008 3:57:20 PM PST by Triple (Socialism denies people the right to the fruits of their labor, and is as abhorrent as slavery)
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To: oldbill

The most concerning part is that this stuff could unfold in days. Or even in a single day.

The first impact will be financial. But we all know life is more than just finances. It is why we have doctors, divorce attorneys, police, and an army.


58 posted on 11/24/2008 3:59:32 PM PST by RobRoy (Islam is a greater threat to the world today than Nazism was in the 1930's.)
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To: trumandogz

“Where have all the Bushbots gone?”

Present! Yet unlike your imaginary Bushbots I do not agree with any and everything my Bush has done. I do not like these bailouts at all, but I will not bail on him over it. This financial mess is a lot bigger than Bush and has been brewing for a long time.


59 posted on 11/24/2008 4:02:45 PM PST by avenir
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To: Triple
"This is what happens when people vote party over principle."

And when you vote principle over party, you get Obama.

60 posted on 11/24/2008 4:02:48 PM PST by verity ("Lord, what fools we mortals be!")
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