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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: avenir

So turning the USA into a Socialist State is not enough for you to resign your membership in the Bushbot Club?


61 posted on 11/24/2008 4:13:29 PM PST by trumandogz (The Democrats are driving us to Socialism at I00 MPH -The GOP is driving us to Socialism at 97.5 MPH)
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To: avenir
“This financial mess is a lot bigger than Bush and has been brewing for a long time.”

It certainly has, all 8 years Bush was in office, and he continued to promote the same policies that caused this mess and appoint the same Wall Street crowd from Goldman Sachs and City Bank who were the prime beneficiaries with their billion dollar bonuses to the his Council of Economic Advisors and Dept of Treasury. I name only two among many, Hank Paulson, Sec of Treasury and Josh Bolten, White House Chief of Staff both from Goldman Sachs. We used to worry about commies in the government, we better be worried about the leftist big government Keynesian's who have helped themselves to billions of dollars from Wall Street firms now being given sanctuary in the Bush Administration.

62 posted on 11/24/2008 4:16:41 PM PST by brydic1
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To: verity
We will no longer need to worry about Obama because before Jan 20, the Obama’s socialist agenda will be carried out by GWB
63 posted on 11/24/2008 4:18:53 PM PST by brydic1
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To: boxer21

>The advice I gave my son as long as he insists upon staying in the market: buy stock in printing press companies.<

Might I suggest that your son should have bought CitiGroup (C). Look it up on a 5 day chart. Friday it dropped to $3.05, today I saw it at $6.09. That is a 100% gain. Yup double your money! What printing press company has done that recently?


64 posted on 11/24/2008 4:21:45 PM PST by B4Ranch (("In politics, nothing happens by accident. If it happens, you can bet it was planned that way." FDR)
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To: cripplecreek
Come on now, we surely can't bail out an industry that actually makes something.
65 posted on 11/24/2008 4:22:14 PM PST by Wolfie
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To: RetiredArmy
Something very strange is going on here. When a person, business or government goes deeper into debt, the interest rates they must pay always rise -- i.e., because their risk of default (directly for people and businesses, through bankruptcy, or indirectly for government, through inflation) dramatically rises.

And yet interest rates on U.S. Treasury bills have plummeted in recent months -- almost to ZERO. Take a look at this chart . . . these numbers are unbelievable:

U.S. Treasury Rates

66 posted on 11/24/2008 4:29:05 PM PST by Alberta's Child (I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
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To: Wolfie

I don’t want to bail out the auto industry but allowing them to go down will bring about a much greater disaster than the one they threatened us with if we didn’t bail out the banks.


67 posted on 11/24/2008 4:30:46 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: marshmallow

The system? Kill the base for the system? I think the system must stop!


68 posted on 11/24/2008 4:40:17 PM PST by JudgemAll (control freaks, their world & their problem with my gun and my protecting my private party)
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To: trumandogz

“Where have all the Bushbots gone?”

http://www.freerepublic.com/tag/palin/index?tab=articles

A rose by any other name...


69 posted on 11/24/2008 4:44:25 PM PST by Eyes Unclouded (We won't ever free our guns but be sure we'll let them triggers go....)
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To: marshmallow

it’s odd how all of the goldman sachs people,

competent or incompetent,

are moving onwards and upwards into the obamao regime,

robert rubin and 4 of his protogees.

but rubin et al were responsible for the mess.


70 posted on 11/24/2008 4:45:14 PM PST by ken21 (people die and you never hear from them again.)
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To: cripplecreek

They’re looking after their own. Some hump on the line at Ford isn’t in their club.


71 posted on 11/24/2008 4:45:24 PM PST by Wolfie
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To: trumandogz

“So turning the USA into a Socialist State is not enough for you to resign your membership in the Bushbot Club?”

No, because he didn’t set out to turn us “into a Socialist State”. He’s had so much to deal with I don’t expect him to achieve Nirvana in eight years. He’s a realist, there’s probably no purist approach that would work at this stage in the game given the demonic twits on the Hill that fight his every step.


72 posted on 11/24/2008 4:49:18 PM PST by avenir
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To: RetiredArmy
WHO is the US government going to borrow all this money FROM???

China.

73 posted on 11/24/2008 4:58:02 PM PST by wmfights (Elections have Consequences!)
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To: Eyes Unclouded

What’s your problem with Gov. Palin?


74 posted on 11/24/2008 5:24:58 PM PST by 1rudeboy
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To: cripplecreek
I don’t want to bail out the auto industry but allowing them to go down will bring about a much greater disaster than the one they threatened us with if we didn’t bail out the banks.

Telling the Big 3 they had to come up with a viable business plan for a 25 billion dollar loan and then bailing out Citigroup " 'cuz it's too big to fail" really sticks in my craw.

Right now if The Texas Half-wit comes out in coiffed pompadour and opulent 18th century silk dress and unintelligibly drawled, "Let 'em eat cake," I won't even bat an eye. After his asinine policies, I'm ready to tell the GOP to go f*** itself for however little time it has left.

75 posted on 11/24/2008 6:04:28 PM PST by E. Cartman (Washington, DC: Where the inmates really do run the asylum.)
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To: oldbill
"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."

Post 1945 until now, there was a dedicated group who ran down Nazis who fled the mess they made. What I suggest is that perhaps Damocles, while in Washington, should have the sword put back over his head. 'Nuff said.

76 posted on 11/24/2008 6:04:28 PM PST by Tench_Coxe
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To: avenir
No, because he didn’t set out to turn us “into a Socialist State”.

He didn't want to turn us into a socialist state, but through not having the brains to critically evaluate his policies and their effects, he has. In other words, like Jimmy Carter, he's muffed things up from personal ineptitude.

If any single person bears the Lion's share for crippling the conservative revolution, it's Bush.

77 posted on 11/24/2008 6:08:43 PM PST by E. Cartman (Washington, DC: Where the inmates really do run the asylum.)
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To: E. Cartman
Right now if The Texas Half-wit comes out in coiffed pompadour and opulent 18th century silk dress and unintelligibly drawled, "Let 'em eat cake," I won't even bat an eye.

*Standing ovation w/ golf clap* 10 pts. for picturesque speech.

78 posted on 11/24/2008 7:00:19 PM PST by roamer_1 (Proud 1%er... Reagan Conservatism is the only way forward.)
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To: marshmallow
can someone tell me:

does money have actual value anymore? or is this seemingly endless supply all we need to stay on top of the situation? what would happen if we get into real trouble?

79 posted on 11/24/2008 7:02:21 PM PST by thefactor (yes, as a matter of fact, i DID only read the excerpt)
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To: erkyl

I would love to have this made into a shirt!


80 posted on 11/24/2008 10:34:12 PM PST by Pining_4_TX
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