Citigroup gets rescued!

Today the news came out that Citigroup (Citifinancial’s parent) received a government bailout. They received a 20 Billion dollar cash injection, this is after they have already received 25 billion earlier this year. Now don’t get me wrong, I am all for stabilizing the economy. Many pundits said that if Citi failed it would de-stabilize the whole banking system. While I do not exactly disagree with making sure that the big banks are liquid, in this case couldn’t a suitor been a good solution? Wells with the help of Berkshire Hathaway could have made this happen, as they are one of their largest shareholders. What do you think? 

The auto industry is sill looking for 25 Billion and have been thus far been left out in the cold. However the CEO’s and the executives of the big three really shot themselves in the foot by showing up in Washington last week by private jets. They would really convey the need for funds if they limited the excessive expenses and focused on their bottom line. They are saying if they go bankrupt the results could be catastrophic, by that we mean over a million jobs lost. 

The fact is that our economy’s are in rough shape. Our government leaders really have their work cut out for them. We can still do our part, and by that I mean making sure that we are all in the best possible financial shape to ride through these tough times. To do this, feel free to contact my office today for a no risk debt analysis, so we can show you how to maximize your income and use it to become debt free sooner.

Cheers,

Pat

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