U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs

The first paragraph here is interesting. It seems that if they really wanted to help stimulate the economy and help the common man, they would simply give the money to the people who need it most.

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok

 

I can't believe they are backing up Citigroup. They've had what, 6 CEOs fired/resign because of fraud or corruption scandals in the past 3 years. They hire people to establish contract work in Mumbai and other places around the world, and once they finish a project, they fire them and their job goes to these third world countries.

The favouritism to give an international bank tripple the amount that the government is giving an American bank is infuriating.

EDIT: Ok, technically Citigroup is a NYC based bank, but it's larger than the Bank of America because it's a multi-national bank. It has more assets, more diversity, and more reasons to close it's satellites in other countries to cut costs instead of begging for a handout from home. It's like the teenager that spent all his allowance and comes back to ask for more.

 

Yeah, I hate this. Big businesses don't need more money. And all the money is being handed directly to them. And for what? They find every possible loop hole out there to evade abiding the law. When you're making trillions anyway, disobeying the law and paying fines is considered strategic.

One day I may go to law school and make a career prosecuting corporate criminals and putting them in jail where they all belong. Harrumph!

 

You know, you would probably end up poor and homeless on the streets.

Or even assassinated, if you were good enough.


These people watch out for each other.

 

Don't be dramatic. I'd come out of law school all femme fatale style and rope 'em all in!

 

Or you would be sabotaged.

Or get shot.


Or have an "accident."

Or they would make up some bogus media scandal.

 

Totally agree.The only way to put a stop to this is to get EVERY big business special interest group and groups that are advocates for 'welfare for the rich' out of the government.Is the Obama administration gonna do this?If he doesn't he is a waste of time.----Whats also unacceptable is the undeserved "pedestal" some Americans put weathly people on.

 

Hey Rat how are taxpayers risking anything when you've said all this paper is based on nothing?

 

The resulting inflation of the currency from borrowing another 800 billion certainly will not help the little guy.



Rich people can hedge against inflation, saliried workers can not.

If you thought gasoline was expensive last fall.....................

Ratt is right to go on about easy currency at The Federal Reserve since the year 2000. Its opinion straight out of the Wall Street Journal.

Protecting the value of our salries will do more than any pork stuffed stimulus bill that benefits big goverment.

 

Just because the money is value-less doesn't mean the debt that we owe on it is.


Money is debt.

 

how do banks run out of money? they're banks, that's where our money is kept. i'm obviously not an economist so someone explain this to me. I mean unless they are paying their employees more than they make on interest from our money?

 

I don't think I'd exactly say that it's the taxpayers risking the money. More along the lines of the government throwing away the taxpayer's money.

 

Because you can only create money out of thin air for so long.

 

Yeah. They talk about that in the movie 'Zeitgeist: Addendum". If I recall correctly, about 97% of all money in circulation is now digital. There's not even any physical material backing it up. Which explains why the dollar is devaluating so rapidly.

 

Its called the fractional reserve policy.

Reserve my foot.