Making Hugo Chavez proud!
From the APs Jeannine Aversa:
The government unveiled a bold plan Sunday to rescue troubled Citigroup, including taking a $20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.
The action, announced jointly by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp., is aimed at shoring up a huge financial institution whose collapse would wreak havoc on the already crippled financial system and the U.S. economy.
The sweeping plan is geared to stemming a crisis of confidence in the company, whose stocks has been hammered in the past week on worries about its financial health.
Maybe when President George W. Bush and Treasury Secretary Hank Paulson are out of work in January, they can buy a plane ticket to Venezuela. I hear there's a lot of job growth in Venezuela's "government sector." And I'm pretty sure that Bush and Paulson have basically the same governing philosophy as the ruling regime in Venezuela.
Seriously though... Bush can't go soon enough. I'm just so tired of all the fear mongering that's being perpetuated by the administration. I mean, I'm certain the members of the White House press corps don't have slew of degrees in economics. So how do they get their stories? They're doing the same thing that's happened for decades - they go to the White House and get the story, then they go to a "senior member" of the opposing party. In this case, they may very well be going to Chris "first I was for the bailout, before I opposed it" Dodd... who has virtually no useful knowledge of monetary policy. And therefore does nothing, but act as an uneducated supporter of the banks who sponsor his campaigns.
I am so sick of this administration's fear mongering being fed to the public... and of the drought of useful reporting on this year's meltdown. And I'm confident that Obama will be absolutely no different from Bush when it comes to monetary policy.
Tim White
3 comments:
Chris Dodd got over $425,000 from Citigroup, according to Opensecrets.org
http://www.opensecrets.org/politicians/contrib.php?cycle=Career&cid=N00000581
I'm sure he thinks they were "too big to fail". Too bad Dodd won't be joining Bush leaving DC at year end.
I'm for supporting the big three auto makers. Not only are millions of jobs at stake, they play a big part in our defense. To lose this manufacturing powerhouse will weaken our country. Our auto industry played an important part in every war. When needed, the assembly lines were changed from car to the war effort.
For a realistic view of a 25 billion dollar bailout, one has to look at not only our effort in Iraq and Afganistan, but at our 400billion plus defense budget. For all this money, the taxpayers end up without any monetary return on their money. At least with the auto bailout a million or more people will have a job and will pay taxes instead of collecting unemployment, we will be retaining manufacturing power and won't have to rely on foreign souces to supply our military, and our dollar wwill not be weakened further by more deficit balance of payments.
I'm no lover of our car industry, but I can see it holds an important place in our economic fabric. Money spent in this country has a multiplier effect whereas shipping more jobs to China simply takes money away.
Buy American and you may in the end help preseve your own job, even if you are employed in the public sector.
"For all this money, the taxpayers end up without any monetary return on their money"
I dunno. I didn't have to learn Russian, German or Japanese, now did I?
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