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 ...
“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.”
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.
“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.
300 acres would be just the driveway...his property purchase was rumored to be 10,000 acres.
Surrounded by a moat filled by sharks with laserbeams on their heads.
Please elaborate.
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.
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.
“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
Graphic hereby stolen and will be used widely with no credit provided.
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.
Keep printing that money. I nominate Robert Mugabe as the next treasury secretary.
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.
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.
“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.
And when you vote principle over party, you get Obama.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.