Bush: Citigroup Might Not Be the Last Bailout

As his successor unveil his economic team, President Bush, alongside Treasury Secretary Henry Pauslon, spoke to reporters about the Citigroup bailout. Bush said the bailout, which he approved last night while flying back from his APEC meeting, was needed to "safeguard the financial system." He added, "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." The White House deputy press secretary Dana Fratto later said, "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."

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By Jen Chung in News on November 24, 2008 1:05 PM

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SFOtoJFK

What blows me away is the damage Lehman Brothers going bankrupt did to the markets - it's an incredibile web of bad this and bad that. Why not have staved off at the minimum a lot of psycho damage to the market due to LB going bankrupt by saving it when the chance was there? Bear was okay and a bunch of other "banks" were okay to save but Lehman no? Doesn't make sense but I guess sense would be expecting way too much.

Koufax

Sheeeeeeeeeeeeesh. I thought the first bailouts were to make sure we didn't have to save Citi.

Please, please try to blame this on Obama and the socialist dems: http://fiturl.com/0jM

WesleySnipesAlot

Bank makes irresponsible investments = bailout

individual makes irresponsible investments = bankruptcy, fees with interest, debt out the wazoo.

Sure, this has been harped a million times, but I will never, ever understand it. Too big to fail = too big to exist. TRUST BUSTING TIME!!!