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Citigroup Bailout

November 24th, 2008 10 Comments

Yay! $20 billion more of our tax dollars to bailout MBAs and Captains Of Capitalism who don’t know how to run a profitable business.

WOOOT.

Posted in Business, Economy |
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10 Responses to “Citigroup Bailout”

  1. Jaim says:
    November 24, 2008 at 5:37 am

    George W. Bush = Socialist

  2. Grumpymann says:
    November 24, 2008 at 5:51 am

    Hand out for someone else = bad

    Hand out for me = good.

  3. anotherbozo says:
    November 24, 2008 at 8:42 am

    Part of me wants to dance on their grave. They were a lousy bank for the little guy when I had an account.

  4. durablend says:
    November 26, 2008 at 4:47 am

    They’re getting all that bailout money AND giving their customers a BIG thank you kiss…an across the board rate increase (and/or credit limit deduction).

  5. Duros62 says:
    November 26, 2008 at 9:54 am

    Whew! got that bailout money just in time. Now they can still buy the naming rights for the Mets stadium.

  6. Sean D. Martin says:
    November 26, 2008 at 2:20 pm

    Interesting point to note:

    - Marshall Plan
    - Louisiana Purchase
    - Race to the Moon
    - S&L Crisis
    - Korean War
    - The New Deal
    - Invasion of Iraq
    - Vietnam War
    - NASA

    “The bailout has cost more than all of these big budget government expenditures – combined.”

  7. Parthenon says:
    November 26, 2008 at 2:34 pm

    Unadjusted for inflation, to be fair.

  8. Sean D. Martin says:
    November 26, 2008 at 3:12 pm

    Parthenon: Unadjusted for inflation, to be fair.

    Huh?

    If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. …

    • Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
    • Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
    • Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
    • S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
    • Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
    • The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
    • Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
    • Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
    • NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

    TOTAL: $3.92 trillion

    And that $3,920,000,000,000 is what you get if you add up the inflation adjusted numbers.

  9. Parthenon says:
    November 26, 2008 at 3:43 pm

    My bad. Lazy reading. That’s insane.

  10. Sean D. Martin says:
    November 26, 2008 at 4:56 pm

    That’s insane.

    No kidding.

    And when you consider what came out of the Race to the Moon (just to pick one example) in terms of technical advances and the jobs that resulted from them you really have to ask whether it makes any sense to bail out failing banks and auto makers.

    Might not far more, and better, results come from letting the companies that are failing just fail, and spending money on (just to pick one example) a Race to Energy Independence?