(VIDEO LINK AT END OF ARTICLE) President Bush appeared outside the Treasury Department on Monday morning with Secretary Hank Paulson to show they are still at the tiller.
Bush warned there could be more bailouts to come, and said that on his flight back from an international economic summit in Peru on Sunday, he had talked with Paulson about “the decisions made to safeguard” Citigroup Inc.
Here are the president’s full remarks:
Mr. Secretary, thank you very much for inviting me in for a cup of coffee. The Secretary and I share the concerns of our citizens, concerns about jobs, concerns about their savings accounts. This is a tough situation for America. But we’ll recover from it. And the first step to recovery is to safeguard our financial system.
Last night on Air Force One coming back from Peru, I talked at length to the Secretary about his recommendation. The decision was made to safeguard Citigroup. We have made these kind of decisions in the past — made one last night. And if need be, we’re going to make these kind of decisions to safeguard our financial system in the future.
I talked to President-elect Obama about the decision we made. I told the American people, and I told the President-elect when I first met him, that anytime we were to make a big decision during this transition, he will be informed, as will his team.
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. It’s important for the American people to know that we will safeguard the financial system as the first step necessary for financial — or for economic recovery. And so, Mr. Secretary, thanks for your hard work. Appreciate it.
VIDEO LINK: Click HERE to watch a video of President Bush speaking.
Thank you.
(Dov Gordon – YWN)
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2 Responses
This means more economic instability (refer to stories of gedolim expressing concern over funding for our mosodos for the reason why we should be concerned).
While there is a radical opinon (shared by extremists on the extreme right and the extreme left) that these large companies should be allowed to fail, the “center” is firmly in control.
I think that what you meant to say was…..
While there is a shared opinion by the general public that these large companies should be allowed to fail, and that their executives should be paying for their mistakes rather than being paid for them,
the “MoneyBags” are still in control of the country, so everyone from the President on down will continue to give them exactly what they ask for.