Good Morning! You Just Bailed Out Citibank!
Happy Monday everyone! $20 billion of your tax dollars are going to inject capital into Citibank. Here's hoping that they are required to use this money to write down the value of their mortgage-backed assets which got them into trouble in the first place. As a matter of fact, why aren't all banks participating in TARP required to do that?
In other news, yesterday Steve Forbes went on CNN and called Henry Paulson the "worst treasury secretary in modern times" for his inconsistent work on the TARP program, but this morning, the link to that story has disappeared from CNN's website. Fortunately, CQ has the interview transcript right here. Why would CNN pull that down? A little pressure from the Bushies is about all I can figure, but why do they matter anymore, honestly?
I've NEVER seen any evidence that the Bushies are able to influence CNN in any manner.
Why would CNN pull that down? Who knows why they would do anything. I've stopped watching them all together.
...if you seriously think that the people in Congress pulling the strings or any member of the administration (including the incoming one) have ANY idea what needs to be done with the economy.
BTW, I recommend buying gold and guns. I will guarantee you will eventually need one or the other. Maybe both.