Monday, March 9, 2009

Sen. Shelby: Citigroup Has "Always Been A Problem Child"

From Chief Obama Kool-Aid Kid, George Stephanopoulos:

Sen. Richard Shelby, R-Ala., the top Republican on the Senate Banking Committee, said today on "This Week" that the government should let trouble banks fail.

"I don't want to nationalize them, I think we need to close them," Shelby told me this morning. "Close them down, get them out of business. If they're dead, they ought to be buried," he said. "We bury the small banks; we've got to bury some big ones and send a strong message to the market. And I believe that people will start investing [again] in banks."

I asked Sen. Shelby if he was referring specifically to Citigroup, the struggling bank that has received about $45 billion in taxpayer money.

"Well whatever. Citi's always been a problem child," said Shelby, who has long opposed giving federal TARP money to struggling banks.

Well whatever.... I like that.

In related news, Sen. McCain, who "suspended" his campaign last September to support the TARP bailout, now says banks should be allowed to fail.

Hey, John! Welcome back!

Stumble Upon Toolbar submit to reddit

No comments:

Post a Comment