News of the US government bailing out Citigroup raises the stakes even further in this economic mess. It seems no matter how many times I comment on it, a couple of days later there will be something bigger to talk about. There is just no reigning it in. Citigroup used to be one of the world’s biggest banks and to avoid another collapse in the US economy, the government is going to directly invest like $20 Billion into the company.
Once again, amidst ordinary people losing their jobs, houses and superannuation, they’d prefer to bail out the guys at the big end of town because that’s who they really serve. This economic crisis keeps proving this point over and over again. It’s not my fault I probably sound like a broken record repeating this because it just keeps happening.
And if ordinary people had a say at what was going on, Citigroup and other banks would’ve been bailed out via the government paying off all of the loans that working people cannot repay.
From The Age:
The Citigroup plan, which emerged after a harrowing week in the financial markets, would be the Government’s third attempt in three months to contain the deepening economic crisis.
The government’s third attempt at fixing this mess? They just keep thinking pumping more cash into the failing economy will revive it, but really they can’t fix their own mess. There’s something systematically broken with capitalism.
And pretty soon working class people, like they did in previous economic crises, are going to pay much much more more to fix this mess. One only has to remember that World War II took the world out of The Great Depression.
The only way we’re going to avoid an escalation of war, attacks on unions and cut backs on social services is a fight back from working-class people defending our own interests and not believing the hype that guys like Rudd or Obama are here to save us.
On another note that is kind of related to writing, I wrote around 180 words toward Hadeon yesterday at work because I was bored mostly, and this morning an unexpected image of what’s going to happen next won’t leave my mind. It’s supernatural and could add another dimension to my character.
But also my short story idea that links fascists with zombies needs some attention because it would work great in the background of this economic crisis.
economy, recession, capitalism, Citigroup, bailout, writing, Hadeon, fascist, zombie