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."