Crybaby Citigroup Cries Foul October 3
I have been nauseated recently by those begging for the bailout as if it’s the only answer to opening credit lines and getting houses selling again. Don’t be so self-serving. THE WHOLE SYSTEM NEEDS AN OVERHAUL! 
This would be funny were it not so true! But it’s a done deal now. Our gutless leaders (ha- that’s a misnomer if ever there was one) have sold us and future generations down the river. Why when seemingly most of “Main Street” was against this did they do it anyway? Why someone please tell me, why did $100,000,000 in earmarks added to it after the first failed vote make it more palatable?
Houses are not selling because they are priced too high-period. Let’s face it, somebody -a lot of somebodies as it turns out, just got caught without a chair when the music stopped. Everybody; buyers, sellers, lenders-yes Realtors were rushing around those chairs hoping and praying the music wouldn’t catch them with no place to park their butt.
And it’s not like there weren’t warnings. Sellers were insisting on (many still are) ridiculous prices, many of whom could have gotten out whole. Buyers were taking loans they knew would snowball in the future. Lenders knew they were building a house of cards too.
Okay for all you free market bashers- you know, the “we’d rather have government bailouts” crowd, HERE’S AN EXAMPLE ALREADY OF WHY THE BAILOUT WAS NOT A GOOD IDEA.
Just this morning, Citigroup who had tendered an offer of 2.2 $Billion to acquire Wachovia’s banking arm is now crying foul as Wells Fargo has stepped up willing to pay 15.1 $Billion for it!
What does that tell you? It tells me if the government would get out of the way, investors, entrepreneurs and the many, many sound companies remaining in the world would see opportunities all over the place in these failing banks and Wall St. firms. And they would pay a much better price and tender better offers to those companies and, this is the key thing – they would also get far more back for their shareholders than Uncle Wall Street will ever recoup for us taxpayers.
If we’re looking at Mavericks like JMcC or change agents like Barry-O to do what’s right for us we’re in a heap of doggie-do.
That’s my Tip of the Day!
Aloha, “Mikie”
Mikie Likes It LLC
Realtor Referrals & Mortgage Freedom
Waikoloa, Hawaii
Phone: (808) 896-1943
eMail: Mike@MikeSells.com
website: MikeSells.com