And We Did it Again…

November 24, 2008 at 6:47 pm Leave a comment

The U.S. Government is stepping in to rescue the banking titan Citigroup, injecting $20 billion in fresh capital and promising to absorb up to $306 billion in toxic assets.  As the Wall Street Journal says:

“If the government’s rescue plan is a success, it could help bring stability to the entire financial system. If it doesn’t, even deeper doubts about the industry’s future could spread.”

They appropriately call this “an arrangement that will leave the government deeply enmeshed in the inner workings of one of the world’s largest financial institutions.”

This could just be the beginning, folks.  How many other banks will get in line?  What about the business I covered last week with Detroit?  Is there enough money to go around?  And will the public object to being forced to absorb losses through their tax money?

According to President Ronald Reagan, “The ten most dangerous words in the English language are “Hi, I’m from the government, and I’m here to help.” (!)

Something to think about…

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