Citibank help
Por admin • 3 Dec, 2008 • Sección: Citibank, economic news
UNDATED (NBC) - The economic roller coaster made a climb into plus territory Tuesday.
The markets responding positively to news of help for struggling Citibank, and President-Elect Barack Obama’s choices for his finance team.
The president-elect made his first cabinet announcements vowing to tackle the growing economic crisis and hoping to get his team in place early so his administration can get right to work.
The president-elect announced his money team, at a time when money is tighter than it’s been in more than seven decades.
“We are facing an economic crisis of historic proportions. Our financial markets are under stress,” said Obama.
The men he has chosen to try and turn it around is New York fed bank chair Timothy Geithner for Secretary of Treasury and former Clinton Treasury Secretary Lawrence Summers to lead the National Economic Council.
“I’ve sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas - and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while main street suffers,” said Obama.
Both streets are suffering right now.
Earlier Tuesday President Bush, flanked by his Treasury Secretary Henry Paulson, promised federal help for struggling Citibank.
The latest bailout includes a guarantee from the government to cover $300 billion in risky assets, most of that high-risk loans.
The deal also provides another $20 billion in operating capital.
“This is a tough situation for America, but we’ll recover from it. The first step towards recovery is to safeguard our financial system,” said President Bush.
The president-elect continues to stress that first step must come quickly.
“We do not have a minute to waste,” said Obama.
Obama is pressing Congress to pass an economic stimulus plan that would mean tax cuts for the middle class and, he believes, would create more than 2 million jobs over the next two years.
The president-elect is expected to detail more of his economic plan and team on Wednesday and then move to assembling his defense team.
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