That’s $2.3 billion thrown away
Good news! Washington proved it can throw away $2.3 billion faster than any other government in history:
CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.
CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.
Ah well, no need to get your panties up in a bunch. It’s only money gained out of taxes. And that kind of money doesn’t cost anything. It’s for free. You could also say worthless, but that’s an entirely different matter altogether. Say “bye bye” to your money. Ah well, it’s not as if you deserved it anyway, no? I mean, you just worked hard, invested many hours every day, gave up quality time with your spouse and children… uh, OK, never mind. Forget about it.
The point is: the government knows what’s best for you. And if the government decides it’s best to throw your money away, there’s probably a good reason for it. So stop complaining.
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Great commentary, the government bailout of wall street etc was a big mistake, of which I’m sure future generations will face severe consequences for.
The trend of companies wanting to get out of having to pay the bailout money back is sure to grow.
I’m sure it will get worse over time, major corporations have so much power they are like kids that never get disciplined: rotten, spoiled, reckless, and desperately in need of punishment.
What DOES NOT surprises me is that again…..another perceived REPUBLICAN type of corporation was ALLOWED TO FILE……remember Lehman Brothers did as well…..while a corporation perceived democratic….run by unions….ie GENERAL MOTORS….was rescued and is now government run and the creditors told to go jump in a lake.
This is fascism at its finest….America’s radical president and his radical administration showing us whose boss and what matters.
Fascism……Fascism opposes class conflict, blames capitalist liberal democracies for its creation
a political ideology that seeks to combine radical and authoritarian nationalism with a corporatist economic system.(This can be seen in the health care bills and the Cap and TAx bill)
Many fascist leaders have claimed to support a “Third Way” in economic policy, This was to be achieved by establishing significant government control over business and labour(Take over of AIG, GM, telling all these banks what they can and cannot do directly and not thru regulation)