Concern about TARP and Citigroup repayment

There is growing evidence that our country is on a path of having to take a 'fall' because of what is going on with the way money is being managed.

The inspector general who oversees TARP estimates the total cost of Wall Street bailouts could eventually reach $23.7 trillion. And I thought we were only talking hundreds of billions. And look at the fact that the $200B savings that Geithner pointed out is going to be spent versus saving to apply toward this huge liability.

Then today I found out that Citigroup who is repaying $25B of their TARP loan is going to get a giant tax break of $38B. Companies are allowed to offset their losses against their gains, but in this situation, the government sale of 34% stake in Citi and Citi's share sales qualify as a change in ownership. What is totally disheartening is that the news reported the repayment and excluded what the 'government intentionally set up' that requires the IRS to allow it. This may be legal but is totally unethical. Wouldn't you repay your debts if you were going to receive an even bigger monetary gift by doing so? This kind of behavior crosses all lines of political parties. It doesn't matter who is in office. Money always affects the leaders' judgment by forcing action that always keeps it first versus looking out for the welfare and common good of the people. Yet at this time in our history, we have gotten the better of ourselves, because we have weakened our ability to maneuver due to the mountainous debt. Debt buries at all levels when it gets unmanageable. It appears to me that handwriting is on the wall and it is not in the distant future.

One final comment, I saw Time chose Bernanke as the person of the year. I can only laugh since as you know I think he should be replaced by allowing the banks to lead the way in telling the government what to do through intimidation of the financial system collapsing. I keep remembering what Thomas Jefferson said about the banks being too powerful. I would rather this system fail and we start over than imprison each of us, our children, our grandchildren, our great grandchildren, and future offspring indefinitely.