I've been reading the stories in the news today about the stock market, Citibank, AIG, GM and Chrysler. I'm not at all surprised to find that Citibank is trading at less than the cost of an ATM fee, AIG and Chrysler are barely above water and GM's auditors are saying that bankruptcy may be the only thing that can save them.
Is anyone surprised? I know I'm not. I've said all along that this would not work. I know that I and others have said that getting the government (which has yet to be able to get out of its own way) involved was only going to make the situation worse. So, here we are with the major recipients of bailout money on the verge of bankruptcy. A bankruptcy said that a great many of us said needed to happen some five months ago when we set out down this path.
However, we did achieve change. Things are decidedly changed. The difference between then and now? The difference is that now, instead of just having these businesses on the verge of bankruptcy, we and future generations are also on the hook for over a trillion dollars. The only question is, was that the change we needed?
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