Nice someone out there

By Jennifer J. Foster

Hey folks, as I’ve been telling you, I’ve been getting a lot of feedback on the Big Three bailout column I wrote for the Opelika-Auburn News this weekend.

(If you missed it, you can read it here.)

Well, I’ve heard from people who agreed with me, and I’ve heard from people who disagreed with me, and I’ve heard from people who are trying to find their way through the issue.

Everyone has been thoughtful in their comments, and they’ve shared their comments with me in a forthright, honest and respectful way.

As I said the other day, I appreciate all these e-mails. It’s always interesting to read other people’s points of view, and they can share information and a perspective with you that you simply didn’t have before.

Well, they can, but apparently, they don’t always choose to do so.

Here’s an e-mail I received tonight from someone who apparently read the column, either in print or on the web:

Pond Scum

That’s it, in its entirety. No explanation, no elaboration ... not even any punctuation.

Scholarly, isn’t it?

Pond scum.

The e-mail came from bcmcshurley AT yahoo DOT com , but the writer identifies himself as hmcshurley AT yahoo DOT com in the user field. You can google both and see what you find.

This person believes that I am pond scum simply because of what I believe about the bailout.

Pond scum—as judged by someone who makes a personal attack instead of sharing his thoughts about why he disagreed, as others have done—and as judged by someone who lacks even the integrity to sign his name to an e-mail.

Make of that what you will.

Bailout No. 5

By Jennifer J. Foster

Remember that crazily catchy Lou Bega tune from a few years ago, “Mambo No. 5?“

Click here for a reminder (but do so prepared to be hearing the song in your head for the rest of the day).

Well, President Bush appeared with Treasury Secretary Henry Paulson today to introduce us to Bailout No. 5.

It’s Citigroup, which became the fifth private U.S. institution to receive a government bailout this year, following Bear Stearns, Freddie Mac, Fannie Mae and AIG.

Actually, Citigroup’s bailout today isn’t No. 5. It’s actually 5-b, as CNNMoney.com tells us:

The Treasury, the Federal Reserve and the FDIC said the federal government would guarantee roughly $300 billion in losses at Citigroup on its troubled assets and inject $20 billion more into the bank. That new capital injection was on top of the $25 billion given to Citigroup weeks ago as part of the $700 billion bailout passed by Congress in October.

Come to think of it, we’re not really sure how many private U.S. institutions have received a government bailout this year, since the Treasury Department won’t tell us.)

And the bailouts could continue for as long as that Lou Bega song lingers in your brain: The Big Three are awaiting Bailout Nos. 6, 7 and 8, and President Bush said this morning that “If need be, we’re going to make these kind of decisions to safeguard our financial system in the future.“

For a reminder about why all this is necessary, read Rich Galen’s most recent column on the subject.

And one more thing: Make plans now to be sure you pay your taxes on time next year. The government will need it to give away.