The Citigroup Bailout- Comments by Krugman, Reich, Kedrosky and others

[Ichingcarpenter]

Mark Thoma has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more.

Amazing how much damage the lame ducks can do in the time remaining.
http://krugman.blogs.nytimes.com/2008/11/24/citigroup/

All the informed reactions; http://economistsview.typepad.com/economistsview/2008/11/the-citigroup-b.html

[Skwmom]

1. Robert Reich pretty well sums it up.

What, and ruin a perfect record? Robert Reich:

Citigroup Scores: If you had any doubt at all about the primacy of Wall Street over Main Street; the utter lack of transparency behind the biggest government giveaway in history to financial executives, and their shareholders, directors, and creditors; and the intimate connections the lie between Administrations -- both Republican and Democratic -- and the heavyweights on Wall Street, your doubts should be laid to rest.

[katty]

2. we're so used to 'no accountability'-trained to 'not demand' it

from our government-the chiefs in charge have moved from Wall Street to Easy Street. Hey, what's another trillion, no biggie?!!!

[SpiralHawk]

3. "Amazing? Hmm? You misunderestimate us republicons. Smirk." - Commander AWOL

[BrklynLiberal]

4. It is scary to know that virtually all the economists whose opinion I respect have said the

same thing..and it is NOT good news.
I am going to try to hold onto the hope that the Obama administration can correct this bailing out of those that caused the problem, and are not paying the taxes they should, and doing nothing to help those of us that have been working our whole lives, paying taxes, and being looked down upon by those very Wall St big-wigs who are now begging for help. Our tax money is not to be wasted!! Wars, bailing out financial institutions, bridges to nowhere!
and yet, the auto industry is being allowed to drown, along with all those that work for them and those that work for their suppliers. Are the financial industries going to bail out all those people who will soon be losing their houses, have no medical coverage, whose children will not be able to go to college, and if they do,will not be able to find jobs after they graduate?
There is something wrong at the very core of this.

[truedelphi]

5. Obama basically said "Good job there, Brownie"

When Sixty Minutes asked him about Paulson.

And his appointment of Geithner makes me shudder.

Plus by the time he is in, the 7 Trillion dollar loan will be a done deal, and probably all spent.

[katty]

6. yep, getting the sense it will all be spent by the time he is in the door