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.
The incompetence of the Bush administration never ceases to amaze me. Their irrational blindness to the weaknesses of their pet ideology is slowly wavering but clearly not fast enough to make a difference. Hopefully the next bailouts will look more like the Swedish model.
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