Sunday, January 25, 2009
Citigroup Gets Bailed Out Over and Over Again, as My Brother Is Left Twisting in the Wind
A headlined item on Drudge today (as part of a general theme that banks are failing, despite our lurch to socialism), was taht the FDIC has guarantted 12 billion more in loans to Citigroup. That is, the TAXPAYERS are guaranteeing those loans, making them risk free to the lenders. As I have previously said, 2 million would save my brother's trucking business, which is fundamentally healthier than Citigroup's banking business. Banks, in fact, are my brother's main problem right now (along with bank-like entities like GE and its financial units). Is trucking really less necessary to the country than banks? If all of the small truckng companies out there got money to get through this period, would it not create more jobs than giving banks money to cover their losses? Why is the government preferring banks over turcking companies? Over small businesses in general? These are the questions my brother is asking, which central planners have no way of answering. This is why my borther has converted to socialism (comlete socialism, where if Citigroup and Bank of America get bailied out, so do small businesses, which create most of the jobs in this country). Right now, we have socialism for Wall Street, the rich, and the poor. My borther fails to see why small business is being left out. If the ICC (Interstate Commerce Commission) or SBA were to guarantee loans for my brother, he could save his buinsess The same could be said of many small businesses in this country. Such loans may be the only way to save a competitive trucking industry in this country, but the fascists/'Communists out there want nothing left but central planning. For those who say that expanding government funding to this extent would be complete socialism, my brother agrees. He would understand if Citigroup and Bank of America were not getting bailed out. But he does not understand "socialism" for the favored few, while he is left to sink or swim in this struggling businesss. And he is right. There is no way to justify it, except our "leaders" simply saying that this is how we choose to do it (Big Business and Wall Street favoring central planners that we are). "We will choose the winners, and we will choose the losers." That is the message the government central planners are now sending (and it is the message of all central planners, which makes every central planning sysstem a form of tyranny mainly for the benefit of the central planners themselves, and their favored few).