I'd like to start by saying I am for the most part against saving any company from destruction regardless of the reason for its demise. However, if we (or I mean our elected officials) are going to be saving companies I sure as hell can't support giving citi 20b and denying the entire American auto industry 25. No one can convince me that it would be more difficult to replace citi than GM Ford and Chrysler. No one can convince me that more jobs would be lost. Someone might be able to convince me that citi is more important to the economy but at this time I do not know how. Why are we at the drop of a hat giving them money and promises yet we make the auto manufactures jump through hoops?
The Harvards work in the financial industry. The Harvards also work in government. Fraternity brothers always support each other.
Maybe the corporate jets at Citi aren't as new. Anyways, you're only a taxpayer, so just shut up and trust your government. They know what they're doing.
Because Citi Bank is a Major Shareholder in the Federal Reserve System. They voted themselves a bailout. Thats your answer.
Citi is insolvent. Of Citi's deposit base, approximately one-half trillion dollars - that's $500,000,000,000 - are foreign deposits. Those same foreigners are the ones funding the US lifestyle, and if Citi goes under like by all rights it should, it will be financial chaos - financial war - on a global scale. And yes - IMO it would be every bit as bad and probably worse than all the automotive jobs going *poof*. It should be clear by now that the US is no longer able to conduct an autonomous monetary policy. Decades of irresponsible fiscal policy at both government and personal levels are finally exacting their due. In the finest tradition of politics, this latest bailout is little more than a stop-gap to punt the problem to the next administration. Good luck to us all.
I read that the auto CEO's dont use public transport.They flew to Washington in the company jets.And they have no plan.They just want the money with no strings.