Citigroup bailout jumps the shark

The Citigroup rescue is a bailout too far. It is the bailout to expense. This is just being taken advantage of.

http://globaleconomicanalysis.blogspot.com/

http://www.takimag.com/blogs/article/the_truth_about_the_bailouts/

http://www.marketwatch.com/news/story/citigroup-hire-1000-workers-philippines/story.aspx?guid={09F497DB-5E5F-44FB-AE11-9F17DC8903A2}

“Citigroup to hire 1,000 workers in Philippines
By Manila Bureau
Last update: 9:21 p.m. EST Nov. 23, 2008″

http://www.foxbusiness.com/story/markets/report-citigroup-rescue-talks/

“
Seperately, Citigroup said Sunday night it will expand its Philippines operation by hiring an additional 1,000 workers, the Manila Standard Today newspaper reported Monday. The additional workers would expand Citigroup’s call center and financial reporting operations, the paper said citing Citi’s country manager Mark Jones.

This move comes on the heels of Citi’s announcement last week that it would slash 52,000 jobs in a bid to cut costs.
“

There is no limit to their disdain for us. They fire us here and hire them there.

http://money.cnn.com/2008/11/24/markets/oil/?postversion=2008112408

Oil climbs on Citigroup
Crude prices advance as investors welcome the government’s support of ailing financial heavyweight.

By Ben Rooney, CNNMoney.com staff writer
November 24, 2008: 8:40 AM ET

NEW YORK (CNNMoney.com) — The price of oil rose Monday as investors cheered the federal government’s massive rescue package for banking giant Citigroup.

Light, sweet crude for January delivery was up $1.04 at $50.97 a barrel in premarket electronic trading. The contract fell 51 cents Friday to settle at $49.93 a barre

http://www.inhofe.senate.gov/public/index.cfm?FuseAction=PressRoom.PressReleases&ContentRecord_id=ac5e0c63-802a-23ad-4481-20124c6bc0e7

WASHINGTON, D.C. – Today, U.S. Senator Jim Inhofe (R-Okla.) introduced legislation to amend Section 115 of the Emergency Economic Stabilization Act (EESA) to require an affirmative vote on the part of Congress to approve Treasury’s plan for the remaining $350 billion and require a freeze on any remaining funds of the first $350 billion, stating, “It is imperative that we not allow that amount of money to be added to a deficit approaching $1 trillion this year without any input from the legislative branch.”

In a speech on the Senate Floor, Senator Inhofe went on to say, “Congress completely abdicated its responsibility by signing a truly blank check over to the Treasury Secretary. However, the lame duck session of Congress offers us a tremendous opportunity to change course. We should take it.”

“Though there are still significant challenges in financial markets, it appears that the threat of financial crisis spinning so out of control that we face another Great Depression-which was the original justification for the grant of such sweeping authority-has subsided. Has the need to allow one person to control hundreds of billions of taxpayer dollars and spend as he sees fit subsided as well? I’ve never seen in my entire career of public service anything like the spectacle we are now witnessing. Is it unreasonable to ask whether or not the additional $350 billion should not be added to a deficit approaching $1 trillion? Congress should have a debate.”

The full text of Senator Inhofe’s speech as prepared for delivery is below:

Inhofe is the hear of the hour. Senator Shelby is a close second. Stop the bailout. Call Congress.

==Stop Secret Bernanke bailout too

http://rawstory.com/news/2008/Bloomberg_US_could_lend_as_much_1124.html

“The U.S. government is prepared to lend more than $7.4 trillion”

Regulators have revealed few details about the recipients of aid under the Troubled Asset Relief Program — which was supposed to be used to buy up troubled mortgage assets from banks. To date, the package has not been used for this purpose.

Bernanke and Paulson decided to use Fed money to buy bad assets. They are using the TARP 700 billion to invest in preferred shares in banks or whatever else is not allowed to the Fed already. Anything the Fed can do, they won’t use TARP money for. That was a stroke of (evil) genius by Dr. Bernanke and Mr. Paulson.

http://michellemalkin.com/2008/11/23/another-in-an-endless-series-of-late-night-bailouts/

Good excerpts and links on comments in Citigroup bailout

http://economistsview.typepad.com/economistsview/2008/11/the-citigroup-b.html