Off-Topic: Will Everyone who Needs

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	Name:	water_watcher -
	Subject:	Will Everyone who Needs
	Date:	11/24/2008 9:29:08 AM

They were "buying" Wachovia for $1 a share and taking over their debt with backing of 85% from the government. Wells Fargo then came in for (I think) $14 a share and no backing on the debt.

I am a long time holder of Citi Group and have taken a bath. So the bail out does help me and other shareholders.

I have mixed feelings on the bank bailouts. They made mistakes, but much of it was because of the government mandates on sub prime mortgages. Remember Citi was sued by Obama's law firm for not doing enough sub prime mortgages (or their fair share).

If the banking system fails, it freezes up and the credit markets which allow corporations to operate so then their is a ripple effect with business failures of companies that would otherwise be healthy. That is why the feds stepped in to start buying commercial paper too ... that is short term liquidity that corporations need to meet day to day obligations from a cash flow standpoint. If they cant do that, they fail and more people are out of work.