Bush: More rescues like Citigroup possible

[Bindare_Dundat]

The president says he told President-elect Obama about government rescue plan for bank.

NEW YORK (CNNMoney.com) -- 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.

[Straw Man]

Who the fuck is buying all this debt so we can print all this money?

[240 is Back]

Who the fuck is buying all this debt so we can print all this money?

you and me.  we bought 8% of CITI today. 

[The Coach]

But the middle class will get a tax cut

[240 is Back]

But the middle class will get a tax cut

Oh, did Obama hand over 20+ billion to Citigroup today?

Oh, it was Bush who did that?

[Hedgehog]

I think the government needs to step in with more force and take charge of the ailing banks in question for a period of time.
Change the board members if necessary, do whatever it takes.
Instead of just standing on the sidelines, trusting that the banks will handle it.
Move in, take over.
Restore. Sell off in a few years so the taxpayers didn't have to pay for it all.
 
No other big bank can be allowed to fall. It would be a disaster.
But the governments needs to step in with full force and take charge instead of just injecting money.
The rates have to be kept low.
Right now UK is launching a Christmas anti-crisis package to get the British economy rolling again.

[Bindare_Dundat]

I think the government needs to step in with more force and take charge of the ailing banks in question for a period of time.
Change the board members if necessary, do whatever it takes.
Instead of just standing on the sidelines, trusting that the banks will handle it.
Move in, take over.
Restore. Sell off in a few years so the taxpayers didn't have to pay for it all.
 
No other big bank can be allowed to fall. It would be a disaster.
But the governments needs to step in with full force and take charge instead of just injecting money.
The rates have to be kept low.
Right now UK is launching a Christmas anti-crisis package to get the British economy rolling again.

Don't you think your suggestion requires putting too much hope in the same government that up untill now has made a bad situation even worse?

[Mark Kerr]

The Bush Administration will go down as the worst Administration in history. If they would have financially bailed out the American people instead of the Corporations that put us in this mess everything would be fine. Just imagine what $24,000 per person would have done for the economy. People would have been buying new cars new homes new clothes new computers going out to eat. Everyone would have been spending.

[The Coach]

The Bush Administration will go down as the worst Administration in history. If they would have financially bailed out the American people instead of the Corporations that put us in this mess everything would be fine. Just imagine what $24,000 per person would have done for the economy. People would have been buying new cars new homes new clothes new computers going out to eat. Everyone would have been spending.

How is this the Bush administrations fault? The government is not supposed to be there to bailout every Tom, Dick and Harry that needs money.

[Hedgehog]

How is this the Bush administrations fault? The government is not supposed to be there to bailout every Tom, Dick and Harry that needs money.

Well Coach, not trying to slam Bush or anything, but he did actually run a budget deficit during some very good economic years.
But also to blame is the fed led by Bush's hero Greenspan.
They kept the rate low despite the economy heating over - the low rates made it very cheap to loan.

Btw, I asked you before and you didn't reply, perhaps didn't see the question:
You disagree with Obama's plan and the rescue of the banks.
What do you think should be done instead?   

[Mark Kerr]

How is this the Bush administrations fault? The government is not supposed to be there to bailout every Tom, Dick and Harry that needs money.

Coach, you've been indoctrinated, open your eyes. The Bush Administration has been asleep at the wheel for the last 8 years. Our country is collapsing and our way of life is getting ready to change thanks to the neocon's policies over the last 8 years. Dude, we are so fvcked, courtesy of G.W. Bush. 

[tonymctones]

Oh, did Obama hand over 20+ billion to Citigroup today?

Oh, it was Bush who did that?

LOL maybe you have been missing all the talk of obamas economic stimulus plan???

[240 is Back]

LOL maybe you have been missing all the talk of obamas economic stimulus plan???

are you saying Bush is trying to give away all the $ before obama can do it?

sweet.

[tonymctones]

are you saying Bush is trying to give away all the $ before obama can do it?

sweet.

LOL dont worry whatever bush gives away will pale in comparison my friend...have you not been paying attention to the news?

[240 is Back]

LOL dont worry whatever bush gives away will pale in comparison my friend...have you not been paying attention to the news?

Bush has borrowed almost 5 trillion to fund his last 8 years, and according to Bloomberg, Bush has now pledged 7.4 TRILLION more on bailouts:

http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home

So unless you have some data showing obama plans to borrow MORE THAN 12.4 trillion dollars, then Bush is officially a bigger socialist than Obama.

[tonymctones]

Bush has borrowed almost 5 trillion to fund his last 8 years, and according to Bloomberg, Bush has now pledged 7.4 TRILLION more on bailouts:

http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home

So unless you have some data showing obama plans to borrow MORE THAN 12.4 trillion dollars, then Bush is officially a bigger socialist than Obama.

LOL I wasnt talking about the war which you injected in this...Look at obamas stimulus plan instead of just blindly defending him. LOL you act like obama would have done something different if anything obama would be handing out more money if he was in bush's spot.

[240 is Back]

LOL I wasnt talking about the war which you injected in this...Look at obamas stimulus plan instead of just blindly defending him. LOL you act like obama would have done something different if anything obama would be handing out more money if he was in bush's spot.

Okay, let's ignore the war.  Bush is handing an insane amount of 7.4 trillion dollars in bailouts alone - this doesn't include other spending.  This is just bailouts and bad asset buys.

Show me where Obama's plan calls for 7.4 trillion (or more)

[tonymctones]

Okay, let's ignore the war.  Bush is handing an insane amount of 7.4 trillion dollars in bailouts alone - this doesn't include other spending.  This is just bailouts and bad asset buys.

Show me where Obama's plan calls for 7.4 trillion (or more)

LOL you dont think obama would have done the same? LOL he was one that helped broker the deal you jack ass, remember?...you think this will stop it? LOL no bro more and more companies and industries will beg for money and obama will give it to them.

[240 is Back]

LOL you dont think obama would have done the same? LOL he was one that helped broker the deal you jack ass, remember?...you think this will stop it? LOL no bro more and more companies and industries will beg for money and obama will give it to them.

I see.  So this is about what you THINK Obama will do? Gotcha.

I think the bailouts are total bullshit. 

[Bindare_Dundat]

Okay, let's ignore the war.  Bush is handing an insane amount of 7.4 trillion dollars in bailouts alone - this doesn't include other spending.  This is just bailouts and bad asset buys.

Show me where Obama's plan calls for 7.4 trillion (or more)

Obama has been talking about "shocking" the economy back into recovery with another 100+ billion dollar stimulas plan. Where's the "change" here?

[240 is Back]

Obama has been talking about "shocking" the economy back into recovery with another 100+ billion dollar stimulas plan. Where's the "change" here?

jeez, wtf is wrong with politicians spending all thie $ we dont have?

[Bindare_Dundat]

jeez, wtf is wrong with politicians spending all thie $ we dont have?

What was I thinking? 

[tonymctones]

I see.  So this is about what you THINK Obama will do? Gotcha.

I think the bailouts are total bullshit. 

will do and has done if you think that obama isnt as directly responsible as others for the bailouts thus far your an idiot or you just dont want to see fault in him.

[240 is Back]

will do and has done if you think that obama isnt as directly responsible as others for the bailouts thus far your an idiot or you just dont want to see fault in him.

yes he voted for them.  It's funny to me, that the people who screamed about obama being a socialist for giving tax breaks to middle class... are now defending giving trillions to rich CEOs

[tonymctones]

yes he voted for them.  It's funny to me, that the people who screamed about obama being a socialist for giving tax breaks to middle class... are now defending giving trillions to rich CEOs

I dont know many ppl who are defending or for the bailouts...now i can see an arguement for a necessary evil doesnt mean Im happy about it at all and I think the CEOs and execs should be tarred and feathered.