Bush: More rescues like Citigroup possible

Jeanne Sahadi
CNN
Monday, Nov 24, 2008

President Bush said Monday that the first step toward economic recovery is to stabilize the financial system – and that the government may step in to help financial institutions again the way it did with Citigroup.

“This is a tough situation for America. But we will recover. The first step is to secure our financial system,” Bush said after meeting with Treasury Secretary Henry Paulson. “If need be, we’re going to make these kind of decisions to safeguard our financial system in the future.”

Bush’s statement came within 12 hours of an announcement that the federal government would step in to help Citigroup (C, Fortune 500), whose shares fell 50% last week on a loss of confidence.

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The Treasury, the Federal Reserve and the FDIC said the federal government would guarantee roughly $300 billion in losses at Citigroup on its troubled assets and inject $20 billion more into the bank. That new capital injection was on top of the $25 billion given to Citigroup weeks ago as part of the $700 billion bailout passed by Congress in October.

The president said he’d spoken with President-elect Barack Obama about the decision.

“Anytime we’re to make a big decision during the transition, he will be informed, as will his team,” Bush said. “Secretary Paulson is working closely with the president-elect’s transition team. It’s important for the American people to know that there is close cooperation.”

Full article here

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6 Responses to “Bush: More rescues like Citigroup possible”

The Truth Teller Says:
November 24th, 2008 at 3:27 pm
LIARS !!! LIARS !!!!
When will we stop listening to these traitors and take back our country by force if need be !!!
I am sure they are not suffering like the rest of the worlds poor pesants
We need to rid ourselves of these LIARS and CHEATERS
I have a nice old oak tree in my backyard that I call the Liberty tree
It really could use some nice ornaments for the holiday season
I could think of at least 20 I would like to see upon its branches
Remember Always “The Truth Will Set You FREE”
flatearther Says:
November 24th, 2008 at 8:40 pm
truth teller are you advocating hanging them by their necks until they laugh? laugh and the whole world laughs with you ,i would also like to ‘turn into decorations’ the real runners of this planet…surely some people on this planet[who think that they will be let alone[but eventually won't]could tell us who ‘they’are,as this control of the planet has gotten past a joke,the future is bleak for everyone including ‘those who think that they are too big to be left alone’.Come on give up the real planet destroyers,so we can exist peacefully with out all this s#it.
yikes Says:
November 24th, 2008 at 9:08 pm
I wish bush would rescue me from my computer’s toxic outgas http://www.outgasreport.com
Huh? Says:
November 24th, 2008 at 11:05 pm
Welcome to the magic show. Whats the left hand doing? Wheres my right hand?

There is no question that the American automotive industry should be supported, not with a bailout, but with a BANK LOAN. Isn’t that why our tax dollars are being vacuumed into the banking sector bailout scam right now, so they can loan money to American business? Are the big 3 too risky for these banks to touch?!?

Borrow from the banks, not the taxpayers!
JEFF Says:
November 24th, 2008 at 11:22 pm
Typical, we are in fact trading one wolf in sheeps clothing for the same wolf with another sheep garb in its place. Change you can believe in, YEAH RIGHT. Actualy the Constitution gives an out. If the Government gets too big for its britches, GET RID OF IT. This is totaly Constitutional, even the Supreme Court would have to agree. If not then they do not count anyway. Anybody that doubts this fact can simply read The Constitution, then you will believe ME.
JEFF Says:
November 24th, 2008 at 11:32 pm
To huh, I agree to a point. Yes the auto industry should be helped, but screw the banks. The money SHOULD come from Congress, perhaps intrest free, but wait TWO presidents have tried to introduce intrest free loans to the American public. Linclon and J.F.K. & they have one other thing in common…….