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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 01:57 PM
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Bush promises more aid to banks if needed
Bush promises more aid to banks if needed
By David Lightman | McClatchy Newspapers



WASHINGTON President George W. Bush said Monday that Washington was ready to help other faltering financial institutions as it was helping Citigroup, the banking giant that just got a government guarantee for billions of dollars in risky assets and a $20 billion capital injection.

"We have made these kinds of decisions in the past. Made one last night," the president said after having a cup of coffee with Treasury Secretary Henry Paulson at the Treasury Department, next door to the White House. "And if need be, we're going to make these kinds of decisions to safeguard our financial system in the future."

The rescue, announced Sunday by the Treasury, the Federal Reserve and the Federal Deposit Insurance Corp., includes $20 billion from the $700 billion financial rescue package that became law last month.

It also guarantees $306 billion in shaky assets. The Treasury and the FDIC will provide help in case of "unusually large losses" on up to that amount of loans and securities backed by residential and commercial mortgages.

more...

http://www.mcclatchydc.com/251/story/56375.html
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chromotone Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:00 PM
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1. This is insanity!
Just how do we know these banks need a bailout? Just how do we know they are "faltering financial institutions?"
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bdamomma Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:03 PM
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2. what else is new, cares more about the bankers than
the american people, I hope some day he will pay dearly for what he has done to this country.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:06 PM
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3. Invest in wheelbarrows.
RED HOT Tip!!!
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louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:08 PM
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4. And without any concessions, bankers will
do exactly the same as they have been doing.
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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:09 PM
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5. What would you expect from the idiot who
signed that insane bailout bill? Do you really believe that he read and understood it like the people who wrote and voted for it and ....oh wait. Never mind.
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asjr Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:17 PM
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6. Dis he plant a money tree on the
south side of the White House? Not only our children and grandchildren will owe for ages it will also include our great grandchildren.
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liberalmuse Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-24-08 02:21 PM
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7. I'm ready to drag his ass out myself.
The banks get hundreds of billions, no questions asked, no plan, however, the auto industry has to justify their request and present a plan, which is reasonable, but why are the banks getting handed the bulk of our money no strings attached? I hate this administration. I'm going to start saying, 'Bush' instead of 'Fuck'.
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