Pat Dollard

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November 24, 2008

The Swamp

Here’s a transcript of President Bush’s remarks today to the media after he visited the Treasury Department building next to the White House to discuss the Citigroup bailout (the president referred to the financial institution by its old name, Citicorp.)

It seems pretty clear the president had one goal — to let the American people and the world know that his administration intended to “safeguard” the financial system. He used the word no less than four times in a very brief appearance before the cameras and microphones.

PRESIDENT BUSH: Mr. Secretary, thank you very much for inviting me in for a cup of coffee.

The secretary and I share the concerns of our — our citizens — concerns about jobs, concerns about their savings accounts. This is a tough situation for America, but we’ll recover from it. And the first step to recovery is to safeguard our financial system.

Now, last night on Air Force One coming back from Peru I talked at length to the secretary about his recommendation on the decisions made to — to safeguard Citicorp. We have made these kind of decisions in the past, made one last night, and if need be we’re going to make these kind of decisions to safeguard our financial system in the future.

I talked to President-elect Obama about the decision we made. I told the American people and I told the president-elect when I first met him that anytime we were to make a — a — a big decision during this transition, he will be informed, as will his team. Secretary Paulson’s working closely with the president-elect’s transition team, and it’s important for the American people to know that there is close cooperation.

It’s important for the American people to know that we will safeguard the financial system as the first step necessary for financial — or for economic recovery. And I — so Mr. Secretary, thanks for your hard work. Appreciate it.

Thank you.

SEC. PAULSON: Good.

PRESIDENT BUSH: Yeah, thanks.

SEC. PAULSON: Thank you.