Bush says would Ssupport Banking System to stabilize Economy

This news updete by geo.tv







WASHINGTON: U.S. President Bush and Treasury Secretary Henry Paulson sought to reassure anxious Americans that relief will come, but it will take time and patience for the plan’s unprecedented steps to stabilize the system, induce banks to lend again, and in time help improve the economy.

After meeting with Treasury Secretary Henry Paulson, President Bush said that the government's dramatic rescue of Citigroup was necessary to "safeguard the financial system" and help the economy recover, and he said there could be more such moves if other institutions need help. Bush said he approved the action, recommended by Treasury Secretary Henry Paulson.

He said he also spoke with President-elect Barack Obama, part of what he has promised will be "close cooperation" between his administration and the Obama camp until the transfer of power on Jan. 20.

Referring to the Citigroup rescue, Bush said: "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."



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