Citigroup saved over keeping millions of jobs
November 29th, 2008
Filed Under: News, politics
I’m not sure if anyone noticed earlier this week that Citigroup, one of the biggest banks on Wall Street (the fourth largest in the country based on deposits), was bailed out by the U.S. government offsetting more than $300 billion in bad assets with the U.S. Treasury investing an additional $20 billion in the bank. The bank had already received $25 billion from the original $700 billion stimulus package that Congress passed almost two months ago.
What does all of this mean to the rest of us? Jobs. Less of them to be exact. The U.S. auto industry has been lobbying hard to get a bailout package of it’s own only to be rebuffed twice now by the government. Then the Fed moves to save Citigroup. Essentially this means that Congress is much more willing to accommodate a failing bank (and it’s executives) who are also heavily responsible for the current meltdown of the economy over keeping 9-10 million of it’s citizens securely employed.
If this doesn’t tell you that the game is rigged, I don’t know what will. But closing your Citi Bank account would be a great start to end this mess. You don’t think they deserve any more of our money, do you? Since they have no problem hurting us, we got to hurt them back right where it counts.
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3 Responses to “Citigroup saved over keeping millions of jobs”
DAVID
I can understand not bailing out the auto industry. The way that the unions have completely crippled the way that the manufacturers do business is criminal. Do Toyota/Honda/BMW/MBenz/etc.. do business this way here in America? Not that I can see.
Bailing out Citibank is also a joke. How many of the criminals giving out money worked for Citibank before?
Is it just me or do Bernanke and Paulsen two of the biggest thieves in American history?
Would you invest your personal money in companies that have inoperable business plans? I would not. I have not. We as a country should not. Companies that are “too big to fail” are too big to bail out. Let them file for bankruptcy, reorganize and proceed to recover.
2cents
ryno
“The way that the unions have completely crippled the way that the manufacturers do business is criminal.”
What is that supposed to mean? I’m sick and tired of union-busting snobs that seem to think that working people in this country shouldn’t be entitled to things like health care, retirement, vacation, and (god forbid) a good salary. Where does this idea come from that people who work with their hands ought to spend their lives barely getting by while those who click around on a keyboard enjoy the spoils of their labor. The fact that these neo-feudalist concepts of a caste-like social hierarchy are coming back into vogue amongst semi-educated Americans is nothing short of a nationwide intellectual epidemic.
The Unions didn’t force the american auto industry to manufacture and market bad, inefficient products for years and to ignore all the warning signs telling them to stop. The unions aren’t responsible for the “Big Three” having single-product, inflexible assembly lines that have to be dramatically retooled in order to produce a different or more marketable vehicle, in spite of the fact that such technology has existed for years.
This absolute garbage of blaming the work force for irresponsible management, blaming poor people for banks’ reckless profiteering, and all the other blame that’s going around to justify the disgusting, irresponsible, self-indulgent ways of the economic elite is infuriating and appalling.
..:JJP
Check out this 30 minute video, as it will explain the reality of our current economic situation… and we haven’t reached the bottom yet folks:
I.O.U.S.A.
(thanks to PJ for that weblink)
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