- Good morning, the government just gave yet another bailout saving Citigroup which you probably thought wasn’t even having problems.
- Citigroup largely hit this mess because the Treasury decided NOT to spend the bailout $ the way Congress approved. Instead of buying up bad loans the Treasury started buying shares in financial institutions leaving Citi holding toxic assets it thought the government would buy. The new plan? Potentially creating bad government banks where these bad assets will be owned by taxpayers.
- You were pissed at $700 billion? See how you feel with 7.4 trillion or half of the nations entire earning last year. That amount appears to be what the government is willing to spend to “save” the financial system.
- Speaking of $700 billion, that is the number Democrats want to spend on a new stimulus package
- Obama & Joe Biden will hold a press conference to announce their economic team today
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Tags: TARP
