Monday, February 23, 2009

What a Difference a Day Makes.





When last we visited the ongoing saga of America's failing economy and faltering banks (last Friday) President Barack Obama (AKA the messianic one) was assuring the nation that the federal government had absolutely no intention of nationalizing the banks. In particular, Citibank or Bank of America.

Having endured a pasting in the media the previous 48 hours for his failure to address the issue publicly and issue either a confirmation or denial, the messianic one slipped easily into his last most recent issue of assurance to the people.

That was then, this is now.

Fast forward to Monday morning (today) and the essence and lingering reality are seeping front and center back onto the stage.

By DAVID ENRICH and MONICA LANGLEY

Citigroup Inc. is in talks with federal officials that could result in the U.S. government substantially expanding its ownership of the struggling bank, according to people familiar with the situation.

While the discussions could fall apart, the government could wind up holding as much as 40% of Citigroup's common stock. Bank executives hope the stake will be closer to 25%, these people said.

Any such move would give federal officials far greater influence over one of the world's largest financial institutions. Citigroup has proposed the plan to its regulators. The Obama administration hasn't indicated if it supports the plan, according to people with knowledge of the talks.


http://online.wsj.com/article/SB123535148618845005.html

So the question must rightfully be asked....who or what to believe? should we believe our eyes and our own wits and sensibilities of reality? Or should we continue to be lulled into senses of false security and the delusion that the Messianic one possesses the ability to rescue us?

Personally, I will opt for the former. Having had more than enough experience with the latter at this point.

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