Taxpayers will no longer be asked to rescue 20th century companies from their own ineptness, greed, lack of imagination, disbelieve that Americans won’t buy American cars, greed, and the UAW.

Taxpayers will no longer be asked to bail-out suppliers of the auto industry who but their business based on 1 customer. A real big no-no in business 101.

Taxpayes will no longer be asked to bail out workers who could not see the future or refused to believe that jobs would last forever. Who would think their job would last when your company looses $30,000,000,000,000 in one year.

And just a bit off the subject . . . why would you pay the departing boss $28 million dollars for loosing $80 billion dollars?

And the beat goes on, the beat goes on.

Yesterday the market jumped up, the sky was blue, and the end of bad times were here.

Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again

Vikram Pandit

This man, Vikram Pandit, declared Citigroup was making a profit again. And you believed him.

Before jumping to Citi, Mr. Pandit was President and Chief Operating Officer of Morgan Stanley’s institutional securities and investment banking business. Morgan Stanley – that name is familiar.

Vikram told Congress he would only take $1 a year salary until profitability returns. Guess he’s getting paid now.

Citigroup has received at least $45 billion dollars from the tax payer. In the never ending shell game, Citi is converting the preferred stock the Treasury secured for it’s “investment” to common stock.

New York – Citi today announced it will issue common stock in exchange for preferred securities, which will substantially increase its tangible common equity (TCE) without any additional U.S. government investment.

Hmmm, why do I have the feeling something is rotten in the vault.

First, the continuing plan of giving money to banks who made bad investments was, is and will continue to be a bad for the taxpayer, small and medium size banks and for what we thought was capitalism. The banks in trouble like Citi, Bank of America and Wells Fargo chose the philosophy of growth. Their management steered them down the garden path either in ineptness or with criminal knowledge of the potential outcome. Let them follow the course of failure in capitalism. When their large shadow is gone, others will spring up. That is how it is supposed to work.

Second, giving more taxpayer money to the auto industry. We don’t have enough money to bail these people out. General Motors lost $30 billion in 2008. That is $30,000,000,000.  That is around $55,000 per minute.  And they expect to go through at least $14 billion this year, 2009. Let them file for bankruptcy. That does not mean they are closing. It give them protection so they can reorganize and rebuild. If that does not work then let them close.

And the last thing making me unhappy is the news and Obama administration trying to make me happy! Our newspaper came out with a smiley face the other day and ten reasons for being happy, you know, like hearing birds singing and the like. The OA, (Obama Administration) drops little hints like in “two thousand and ten, we’ll see the end.” Not facing the truth is partially why we are in this mess. The OA needs to say, “We don’t know when things will get better but certainly not before the next election.”

Wait! One more thing – no one has gone to jail yet! And I’m not talking about Bernie and other ponziods – I’m talking about the people bundling the home loans, mis-rating them to mislead, and selling them knowing it was going to all come crashing down.