Sunday, November 23, 2008

Citi Bank and The Economy

The economy is bad we all know that. The government seems to be handing out money left and right to try to stop the downward spiral we seem to be in. It was announced that they are giving Citi Bank 300 Billion to help ease their situation and to try to bring stability. What i don't understand is why Citi? What about free trade? Thats rather unfair to all its competitors. I also feel like it does not send a positive message. Just because Citi is the biggest they get they most help to me that sends a message of "go ahead make as many bad loans and decisions as you want and as long as you are the biggest if it all comes tumbling down the Government will help" I don't thank that right at all. And now bailouts are being thought about by all sorts of people cities are requesting them and Networks are now thinking of possibly requesting one. Dear god where will it end?

"I believe that banking institutions are more dangerous to our liberties than standing armies."
-Thomas Jefferson

This week is supposed to a be a big week for the market. Hopefully with the announcement of Obama's appointment to economic positions and cabinet positions will bolster faith in the market and encourage people to invest more. I have been looking over the people Obama has in line to appoint to the positions and they seem like some smart guys. He has also been keeping his word and working with conservatives and liberals alike. This is shown by his expected choice for director of the National economic Council Lawrence Summers.Who is widely considered to be conservative. He has plenty of experience and despite some controversy is considered to be very intelligent capable advisor. One thing that all economists agree on is a big economics stimulus package for the economy which democrats say they will present to Obama on his first day in office. Which the stimulus package has to be done with will only increase deficit spending and the national debt. Which has gotten really out of control. I hope things work out well this stimulus package restarts the economy and we can get our shit straight and start reduceing the national debt and finally get a balanced budget.

1 comment:

One Fly said...

That would be nice but I think it will be a long time comeing if ever. The standard of living we enjoy now will not be the same.