It is official. Citibank has recieved a second bailout and its debts are officially backed by the U.S. Taxpayer. The stock market reacted with glee at this development, but one has to wonder while we are busy playing a song to make the current market dance, whether we are preparing a dirge for the economy of 2009 or 2010 or beyond. How much debt can we shoulder and how many poorly-run institutions do we want to guarantee?
I have to wonder if a bailout is also approved for the auto companies, will the airlines be far behind? And can other industries be far behind them? Where do we stop? And do either George W. Bush or Barack Obama have the guts to finally stand up and say "NO" when the time comes?
Honestly, I doubt it. To quote Principal Skinner, "Prove me wrong, kids! Prove me wrong!"
I agree. This money isn't coming from anywhere real. Its not like our government has 2 Trillion dollar laying around. They are just creating the money to give it to these companies. I hope Obama has the guts to say "OK guys, lets hold off on anymore bailouts for a while so we can get a better idea of which companies should survive and which should not."
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