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 ...
IMHO, you are naive if you believe this.
I totally disagree -
If there was a principled conservative running, that principled conservative could reasonably expect to get the votes of conservatives.
With McCain, he was only conservative relative to Obama, and far from a true conservative. He could not reasonably expect to generate conservative turnout. Palin proved to be insufficient to overcome McCain significant deficiencies in the eyes of conservatives.
I guess I am naive. The US government used 800 billion today, on top of the trillions already used to nationalize our economy. At the rate the United States government is nationalizing this economy, the government will have absorbed another 48 trillion dollars worth of the economy between now and Jan 20. Not exactly sure but I believe that along with the trillions already used may be in excess of the total value of all assets in the United States.
History repeats itself, first as tragedy then as farce.
What I am suggesting to you is that if you think the current Administration has “screwed the economic pooch”, you will be totally depressed when the Messiah pushes his “share the wealth” programs.
I cannot see where your comments invalidate my contention. As you stated "He could not reasonably expect to generate conservative turnout."
I think I could have been clearer by using the phrase "opted for principle", [i.e. did not vote]instead of the word vote. Agree?
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