[Excerpt] ... State and local governments have been forced into draconian budget cuts, firing workers who are among the most reliable in making their mortgage payments—when they have jobs. Yet the Obama administration won’t spend even a small fraction of what it has wasted on the banks to cover state shortfalls.
California couldn’t get the White House to guarantee $5.5 billion in short-term notes to avert severe cuts in state and local payrolls, from prison guards to schoolteachers. Compare that with the $50 billion already given to Citigroup, plus an astounding $300 billion to guarantee that institution’s toxic assets. Citigroup benefits from being a bank “too big to fail,” although through its irresponsible actions to get that large it did as much as any company to cause this mess. ... Read more
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