Wednesday, 26 November 2008

Colossal Financial Collapse: The Truth behind the Citigroup Bank “Nationalization”

On Friday November 21, the world came within a hair’s breadth of the most colossal financial collapse in history according to bankers on the inside of events with whom we have contact. The trigger was the bank which only two years ago was America’s largest, Citigroup. The size of the US Government de facto nationalization of the $2 trillion banking institution is an indication of shocks yet to come in other major US and perhaps European banks thought to be ‘too big to fail.’

The rest of this article mentions the Auto maker bailout cash required (at the moment) is only 25 billion, and that the Congress is loath to hand over this money while they hand out mountains of cash to the banks.

The worse thing about the bailout is that the US taxpayer is getting almost nothing in return while those running the bankrupt companies receiving the money keep their multi-million dollar jobs.

[Posted at the SpookyWeather blog, November 26th, 2008.]


steven andresen said...

Why aren't more people arguing that these aren't bailouts, but buyouts?

If we're giving this much money out, we should be owning their asses.

SpookyPunkos said...

At least most people disagreed about the 700 billion that was eventually passed by the ever trustworthy US Congress.

I think many are "unhappy" about what is going on but don't feel they can do much about it. Rather than protesting or writing letters en mass I think a lot of people have become spectators as you suggested in an earlier comment.

I think being part of the unorganised masses does not help. There are very few champions who people can turn to to fight against what's been going on. The Dems and Repugs are both on the same side, and people like Paul and Kucinich are pushed to the outer.

I think as things get worse more people will get angry and desperate enough to stop watching the TV and get out and do something. Recently there was an abolish the Fed rally. Perhaps we will see greater levels of dissent in the near future.

AS part of the "online community" the least we can do is post stories and make comment on what we are seeing ... !