Posted on 11/27/2008 7:12:15 PM PST by 2ndDivisionVet
The bailout of Citigroup has made people in New York angrier than they were about any of the other government rescues of financial institutions this year.
In a random sample of people inside the Port Authority, the world's busiest bus terminal, only one man backed the government decision to prop up the New York-based bank, even though it is a huge employer in the region.
All the rest are angry -- even on the day before Thanksgiving .
"They were bailed out before, this is the second bailout, so what's going on? Are they going to ask for another bailout soon?" asked Cheril Nichols, a 50-year-old nurse from New Jersey.
"It is wasteful, very wasteful," said retiree William Dwyer, 70.
Earlier this week, the U.S. government announced an injection of $20 billion for Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and a plan to shoulder most of its potential losses on $306 billion of toxic assets, after the bank's shares sank more than 60 percent in the previous week due to concern about its ability to survive.
The $20 billion of government capital comes after a $25 billion injection last month.
In effect, the government has pledged about $1,000 per American to guarantee the bank's assets.
"This is not the right thing to do. They (the U.S. government) should help the people, not the big companies," said Renu Malconi, 38, from New Jersey.
Citigroup has lost $20.3 billion in the last year and many analysts expect further losses because it owns many mortgage and other assets now worth far less than their original value.
(Excerpt) Read more at reuters.com ...
Put this money back into the hands of the American taxpayer (emphasis on taxpayer) and you will see the economy get back on track. People will either spend or invest -- both good for the economy.
A better idea would be to abolish corporate and capital gains taxes, reform the tax code, limit the size of government and reduce spending, and tell the beggars begging for bailouts to go pound cement.
Ya think?
And yet the majority of these same New Yorkers vote for the party with the greatest propensity to provide bailouts. Ironic.
This would do the trick too!
why do the right thing when you can screw up all you want and still expect a bailout?
“And yet the majority of these same New Yorkers vote for the party with the greatest propensity to provide bailouts. Ironic.”
The proverb—”A Conservative is a Liberal who was mugged last night”—appears to be coming true.
My reply, as best I remeber: "When you finally cancel an IT contract, it is typically 100% over budget. In other words, you pay contractors twice as much to fail as to succeed. Why are you surprised they fail?"
Shortly thereafter, I was no longer a DoD consultant. And nothing changed. And that's why I believe nothing will change with the banks.
Cool! I figure at about $100 a ticket, including a couple of hotdogs and sodas, that I'm owed 10 tickets to Mets home games at the new Citi field, now that they've demolished Shae Stadium... When can I expect them, as a "share holder?"
Mark
>> Ironic.
LOL, very.
“And yet the majority of these same New Yorkers vote for the party with the greatest propensity to provide bailouts. Ironic.”
Or, how do you spell Idiots? Answer: D e m o c r a t s
; )
Citibank’s Robert Rubin is laughing all the way to his Swiss Bank.
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