So Citibank gets a bailout!
I find this amazing! The federal government gave Citi a $25 Billion bailout a couple of weeks ago. Now all of that is gone and they need more help so the government strokes them another check for $20 Billion. The automotive industry, America's largest industry asks for a $25 Billion loan and they spend a week telling the leaders of these companies how incompetent they are. Citibank calls congress on a Saturday and has the money by Monday.
The ignorance of these pious idiots on Capital Hill is amazing. There was the idiot Senator from Alabama, who said if we give the auto industry money, then the management has to be replaced. Oh there is a good idea, let's replace all of the leaders of these big companies with new people the CEO's and the Boards. The idiocy of that is awe inspiring, and shows once again that the government has no business being involved in business. Should some of the leaders of these companies be replaced, probably. Should they all, certainly not. Changing the leaders of these companies is an incredibly huge risk, and will lengthen the recovery period of them.
Ignorance is bliss when you have a pulpit that you can stand on and preach without retribution. Congress wants everyone to accept blame for the current problems except themselves.
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