I have refrained from talking 'tics on here. Didn't want to get into the dicyness of the real world here. HOWEVER...I think Bail out plans SUCK. Granted, I live in Michigan. (Here, grab a tissue as you cry for me).
WASHINGTON – The government unveiled a bold plan Sunday to rescue Citigroup,
injecting a fresh $20 billion into the troubled firm as well as guaranteeing
hundreds of billions of dollars in risky assets.
I have been in EXTREME Credit Card debt. We worked our way OUT OF it. By PAYING FOR it...when CITIGROUP...the SAME company BEGGING for a bailout was charging us usury of about 29% interest because we had 2 late payments. We STILL paid off what we owed. HELLO????? Maybe we should NOT bail Citigroup out. They are a PRIVATELY held company. LET them experience what every household in America has had to do: PAY YOUR BILLS!!!
I've had the foreclosure demons at my door. I KNOW what it is like to work with Attorneys trying to get out of foreclosure..You know what??? IF I DIDN'T PAY THE BILL I WOULD HAVE LOST THE HOUSE!!! That is how it is supposed to work!! I didn't go on a multi million dollar vacation because I knew SOMEONE else was going to pay the bill. THERE WAS NO ONE ELSE TO PAY THE BILL@@@!!!!
CITIGROUP helped Enron commit fraud. (You can if you want J.P. Morgan Chase Agrees to Pay $135 Million to Settle SEC Allegations that It Helped Enron Commit Fraud
Citigroup Agrees to Pay $120 Million to Settle SEC Allegations that It Helped Enron and Dynegy Commit Fraud http://www.sec.gov/news/press/2003-87.htm )
"These two cases serve as yet another reminder that you can't turn a blind eye to the consequences of your actions — if you know or have reason to know that you are helping a company mislead its investors, you are in violation of the federal securities laws," said Stephen M. Cutler, Director of SEC's Enforcement Division.
Part of me freaks out about this..because in ONE weekend..all banking could change, our money system change, and the "new world order" be implemented. Yes..that is the fear my backgroud of Baptist stinkin thinkin has given me. Frankly, I'm still scared shitless.
...and STILL don't believe companies should be bailed out. MAYBE...if they hadn't been charging me and everyone else 29 percent INTEREST they would be able to make it...Charge THEM 29 Percent...see if THEY stay afloat???
The action, announced jointly by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp., is aimed at shoring up a huge financial institution whose collapse would wreak havoc on the already crippled financial system and the U.S. economy.