Where Does It End?
Remember about a month before the election when the economy tanked? Then right before we voted, both the President-elect and the undistinguishable candidate voted in favor of $850 billion of taxpayer money to bailout the banking industry? Of course, that morphed to about $1.5 trillion.
If you hadn’t been paying attention, lots more taxpayer money has been doled out to various private businesses since. AIG has gotten its third installment of our money. I guess the lavish spa treatment wasn’t enough for them. And we all saw GM, Ford, and Chrysler beg for money last week.
In a late-night Sunday deal, which seems to be the modus operandi of late, regulators agreed last evening to prop up CitiGroup to the tune of $306 billion plus $20 billion from the $850 billion pot that has already been commandeered from us.
U.S. government regulators were nearing approval of a radical plan to stabilize Citigroup on Sunday in which the government would soak up tens of billions of dollars in losses at the struggling bank, according to people briefed on the discussions.
When does this end? Rumor has it that home builders will be on the Hill asking for taxpayer money to stabilize home prices so the industry doesn’t tank. Who will line up after them?
This is a bad deal for everyone. The government is eating up bad debt. The consequence for building a poor business model is . . . ? Well, I haven’t figured that out yet as there is no consequence. At least not for the companies. The American taxpayer is being forced to pay though.
My father worked three jobs from a wheelchair to provide for his family. He taught me to work hard, keep my mouth shut, and that good work ethic would pay off. Sadly, Dad was completely wrong. That is not how the workplace operates these days.
Also blogged on this date . . .
- Up a Tree - 2009
- Katz Cries About Her Own Poor Performance - 2007
- Codey's Primary Screws Taxpayers - 2007
- Apple Pie - 2007
- It's Obvious - 2007
- Have I Ever . . . - 2006
- Not Drafted - 2005
- Pajamas Media - 2005
- Winslow Wildlife - 2001
