Bush Obama Work Together to Bailout Citigroup

The fact that Citigroup is getting bailout money while US based Automotive Companies are not getting bailout money upsets me. The reason being the Automotive Companies have less money combined than the Citigroup.

The fact that the Automotive Companies have a higher potential to improve our economy because of the fact that they create tons of jobs, more than Citigroup. They make real products that can be sold in other countries, bringing more money into the U.S.

Back to the story The current administration is "working closely" with President-elect Barack Obama's transition team, President Bush said Monday, noting that Obama was informed about the government's move to save a floundering Citigroup Inc.

"It's important for the American people to know that there is close cooperation," Bush said. "It's important for the American people to know that we will safeguard the financial system."

Anytime the Bush administration makes a 'big decision" during the transition between administrations, Obama and his team "will be informed," Bush said.
"I talked to President-elect Obama about the decision we made," Bush said.
Late Sunday, the federal government agreed to a $326 billion plan to shore up Citigroup Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: C 5.73, +1.96, +52.0%) , the latest bailout of a troubled U.S. financial-services giant.

"And if need be, we're going to make these kind of decisions to safeguard our financial system in the future," Bush told reporters outside the Treasury Department following a meeting with Treasury Secretary Henry Paulson and other economic officials.

With rising job losses and multi-year highs for jobless benefits claims, Bush also recently signed an extension of unemployment insurance benefits.
Later Monday, Obama will unveil key members of his economic-policy team. Obama over the weekend announced a two-year plan to save or create 2.5 million jobs.