Surprise! While you were expecting to wake up today and hear more about autobailouts the government decided to surprise us all with a bailout instead of Citigroup. Happy Thanksgiving!
Best of all this massive government bailout could result in a whole new institution, a bad bank where bad mortgages go! Think of it as the naughty chair in the corner of the Treasury where all those nasty mortgages will go until they have learned the error of their ways. If they don’t? Well Citi won’t have to worry about it, their terrible judgement will no longer be responsible for these ill conceived loans. That will be the taxpayers job!
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