{"id":1051,"date":"2008-11-24T14:23:46","date_gmt":"2008-11-24T19:23:46","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=1051"},"modified":"2009-10-11T17:28:26","modified_gmt":"2009-10-11T21:28:26","slug":"creeping-socialism-bush-defends-citigroup-bailout","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/24\/creeping-socialism-bush-defends-citigroup-bailout\/","title":{"rendered":"Creeping Socialism: Bush Defends Citigroup Bailout"},"content":{"rendered":"

I’m at a loss for words here… From the AP<\/a> via Michelle Malkin<\/a>:<\/p>\n

President Bush argued Monday that the government\u2019s dramatic rescue of Citigroup was necessary to \u201csafeguard the financial system\u201d and help the economy recover, and he said there could be more such moves if other institutions need help.<\/p>\n

Bush said he approved the action, recommended by Treasury Secretary Henry Paulson, while flying back to Washington on Sunday evening from meetings in Peru with Pacific Rim leaders. He said he also spoke with President-elect Barack Obama on Sunday night, part of what he has promised will be \u201cclose cooperation\u201d between his administration and the Obama camp.<\/p>\n

Referring to the Citigroup rescue, Bush said, \u201cWe 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.\u201d Read the rest…<\/a><\/p><\/blockquote>\n

They say the definition of insanity is when you keep doing the same thing over and over and expecting different results… We can’t keep printing money and think we can inflate our way out of this crisis.<\/p>\n

If you haven’t read Christopher Woods Op Ed “The Fed Is Out of Ammunition<\/a>” in today’s Wall Street Journal you should. While I disagree with his suggestion that we return to the gold standard – not that it’s a bad idea, I just don’t think we can get that Gennie in back the bottle at this point… Woods does an excellent job of explaining why the current bailout circus is doomed to fail.<\/p>\n","protected":false},"excerpt":{"rendered":"

I’m at a loss for words here… From the AP via Michelle Malkin: President Bush argued Monday that the government\u2019s dramatic rescue of Citigroup was necessary to \u201csafeguard the financial system\u201d and help the economy recover, and he said there could be more such moves if other institutions need help. Bush said he approved the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,20,7],"tags":[166,342,123,158],"class_list":{"0":"post-1051","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-money-and-investing","8":"category-politics","9":"tag-bailout","10":"tag-citigroup","11":"tag-george-w-bush","12":"tag-henry-paulson","13":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-gX","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1049,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/24\/here-we-go-again-feds-agree-to-citibank-bailout\/","url_meta":{"origin":1051,"position":0},"title":"Here We Go Again: Feds Agree to Citibank Bailout","author":"Jeff","date":"November 24, 2008","format":false,"excerpt":"From the Wall Street Journal: The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books. Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":472,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/25\/a-failure-of-leadership\/","url_meta":{"origin":1051,"position":1},"title":"A Failure of Leadership","author":"Jeff","date":"September 25, 2008","format":false,"excerpt":"What I said yesterday about McCain and leadership... Scratch that. My first reaction to John McCain's announcement that he was suspending his campaign and returning Washington to help craft a financial bailout plan was positive. I though it was bold move that could pay huge dividends down the road. This\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":776,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/15\/dick-armey-bush-plan-to-buy-bank-stocks-should-face-constitutional-challenge\/","url_meta":{"origin":1051,"position":2},"title":"Dick Armey: Bush Plan to Buy Bank Stocks Should Face Constitutional Challenge","author":"Jeff","date":"October 15, 2008","format":false,"excerpt":"Via CNSNews.com: Former House Majority Leader Dick Armey (R-Texas) said that the Bush administration\u2019s plan to buy $250 billion in stock in U.S. banks should be challenged in federal court as unconstitutional. \u201cI think that it is subject to a serious constitutional challenge,\u201d Armey said in a conference call with\u2026","rel":"","context":"In "Money & Investing"","block_context":{"text":"Money & Investing","link":"https:\/\/www.jasetaro.com\/blog\/category\/money-and-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":580,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/02\/ouch-someones-not-happy\/","url_meta":{"origin":1051,"position":3},"title":"Ouch… Someone’s Not Happy","author":"Jeff","date":"October 2, 2008","format":false,"excerpt":"Someone's not happy about the Bush\/Paulson\/Bernanky bailout plan. H\/T: Kathryn Jean Lopez.","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.jasetaro.com\/blog\/wp-content\/uploads\/2008\/10\/strategerycapital-300x205.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/01\/senate-passes-crap-sandwich-20-74-25\/","url_meta":{"origin":1051,"position":4},"title":"Senate Passes Crap Sandwich 2.0 74-25","author":"Jeff","date":"October 1, 2008","format":false,"excerpt":"From the Wall Street Journal: Senate Passes Bailout Package House Passage Remains Less Certain WASHINGTON -- The Senate's revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":521,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/28\/bailout-deal-reached\/","url_meta":{"origin":1051,"position":5},"title":"Bailout Deal Reached?","author":"Jeff","date":"September 28, 2008","format":false,"excerpt":"The Wall Street Journal is reporting that lawmakers reached a tentative bailout deal overnight: Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=1051"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1051\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=1051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=1051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=1051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}