If you wanted a Wall Street bailout, you got one. If you want a main street bailout, the government should have done more to keep CIT afloat. Judged purely on actions, it is hard to argue Congress is really looking out for hard working enterpreneurs everywhere.

Recall also the claims that if ANY of the big three were to declare bankruptcy, it would mean MILLIONS of additional jobs lost and would cause the entire economy to collapse? Well, after multiple cash infusions which were equivalent to throwing money down a rat hole, GM DID declare bankruptcy and we didn’t see all the parts suppliers in the country tumble and we’ve just reported a favorable GDP number (albeit govt-maniupulated via stimulus).

Bottom line: They’ve really screwed up. A lot of bad decisions were made. The American public went along with it because we were scared and Washington/Fed said “Just Trust Us…We need full automony to do whatever we want in order to save the country”. Well, this is just one of many blunders we’ll look back on shaking our heads saying, “Never again”…until the next bubble ten years from now. How soon we forget.
.-= Darwin’s Finance´s last blog ..Working Long Hours – Is it Worth it? =-.