I find it rather curious that just a few days after I read some story on “Forbes.com” that highlighted among other things the increase in ownership by a Saudi prince from 4% to 5%, that
the government now is going to rush in to save Citigroup with a $20 billion bailout and partial ownership stake of sorts.
Could it be that Bush and company have not forgotten where their bread is buttered, hearkening back to the known connections of the Bush family with the Saudi royal family? (thank you Michael Moore)? If Citigroup was doing this bad, then why even bother going after Wachovia? I think it may be yet another demonstration of the out of control, out of touch, and reckless ways of a financial industry that is now so in a panic and suffering such a corporate pseudo-psychosis that such a move that may have precipitated failure may have been almost put down to inevitable, but for which banking or financial firm the example would be.
Given the years and years I watched, as Citigroup’s people and vendors hocked wares inside the Student Union at Kutztown University and other campuses in this area, allegedly “helping” college students enter the world of credit, I am sadly again left unsurprised by the recent outcomes and consequences of practices that were designed to make a lot of people rich and a whole lot more eventually in deep debt trouble, which in turn has now come full circle as the house of cards fell apart, under its own weight of greed and mindless detachment from any shred of common sense. I have little sympathy for these giant banking and financial institutions or for the people who really believed they were just going to keep on having it all and gave little thought of “what if I can’t afford it?”, in their reckless choices.
I think the government should do something to make sure we don’t end up in another true great depression, but what they are doing now is akin to giving a lot of dying patients morphine or other emoluments to lessen the inevitable cycle of events that have been sewn and now must be reaped before new, better, smarter seeds can be sewn, with the bitter taste of the bad crops in the farmer’s mouth as a guide to doing a much better job in succeeding seasons.
This whole thing needs to be gone through fully and allowed to live out and play out its parts or else we’re going to keep re-staging the same theme of plays, only with much nastier outcomes than we’ve got now. It may seem utterly painful and distasteful to confront, but if left to denial and indifference, I assert a greater peril awaits us all. I only hope the new Congress has the mind and the guts to stand up and help take us through this turmoil and into the beginnings of a better, smarter time of taking care of business in all aspects. However, ultimately, we must wish to save ourselves from these crazy ways of living or else suffer our self-made wrath or ruin.