And the beat goes on....
Citigroup has now become the next AIG to declare its unfitness to continue as an American institution. It has turned itself over to the US Government for AIG-style treatment including another $20 Billion USD and up to $300 Billion USD in toxic paper (remember its only toxic due to the Government's mark-to-market rule).
If I was the Big-3/UAW I would be screaming for fair treatment under the Amendment 14 wording. However, it is probably going to be a big political mess since the members of Congress from MI are going to be yelling, but everyone else is still very cool to the idea of a bail-out for Detroit.
This mess is continuing only because the Bush-43 administration WILL NOT cancel the mark-to-market ruling and, oh well, go see my previous post about solutions to this financial crisis. It is not impossible, just a bit of thinking and non-political dealing will solve this problem.
I don't know why the Bush-43 SEC/FASB will NOT revoke the mark-to-market rule that is causing most of this problem. Unbelievable, but BHO's ideas are not going to solve the problems either from what we are hearing. He is simply saying he is going to create 2.5 million new jobs (no details), he is going to deal with this financial crisis (no details), and get the economy back on track (no details).
He is now the President-elect and has yet to offer much of anything in the way of details of how he will deal with this issue which his group are blaming entirely on the Bush-43 team without any comment about how the Democrats in the 109-110th Congress stopped the oversight of the GSE's (Fannie and Freddie) due to the amount of lobbying money they were receiving from these particular mortgage companies.
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