Government Bailout & My encounter with Bloomberg News

I recently responded via email to Bloomberg News regarding a story they were running on the internet about the U.S. Government's efforts to do a bail out of Citi Group.

Well, just a few days ago I received an email from a Bloomberg News reporter indicating that she wanted to ask me some questions about my email....I was elated that someone actually had read my original email....much less, would bother to contact me for more information or ask me for more information concerning my view and maybe even my opinion.

I agreed to a telephone interview and jumped into it with both feet!

I spoke with that reporter and basically spilled my heart and soul out to her. I was so passionate about my views that I was later concerned that I may have overstated my case. I then spent quite a bit of time contemplating whether or not I had done the right thing. I was concerned that I may have given the reporter the wrong impression of me and maybe even come off as some kind of radical nut. After a lot of soul searching about our conversation I finally came to the conclusion that it was probably not worth worrying about because I would probably never hear any more from Bloomberg News or that reporter anyway. I just put it out of my mind and literally forgot about it all together.

This morning I received an email from that reporter asking for my permission to quote me. She included the quote that she wanted to put in her story. The quote was probably 100% accurate but the one line she intended to use would give any reader a totally different impression of my view than what my view truly was. I immediately emailed her and questioned the intent of the use of that quote. I ask why they would want to use only that and not the balance of the comment which would make my idea and my view more clear. Why would they want to use the words out of context. That reporter either could not or would not answer that question. When I did not get a reply to my email I call her directly and ask her the same questions on the phone. She still either could not or would not answer me. She simply offered to remove the quote from the story and she referred to our conversation as an impass.

I told her that she DID NOT have my permission to quote me in the story if she insisted on taking my words out of context. I certainly did not want people to read her story with my name and my company name attached to that one line comment that would make Citi Group out to be the bad guy exclusively.

I suggested that she could quote me with my name and company name if she included the complete quote, not just the one liner. She indicated that she could not do that so I told her "Fine, do not use any part of the quote then." She agreed to take it out of her story.

That means that the readers of the Bloomberg News will probably never hear this suggestion unless they read it here on my blog. Here is the suggestion that Bloomberg News could not bring themselves to publish for what ever their reason......

I suggested to them:
If the U.S. Government feels they need to help Citi Group they should offer those billions of the tax payers dollars as loans to all the credit card and mortgage holders that owe money to Citi Group.

The government could stipulate that the money MUST be used to pay the credit card or mortgage debt owed to Citi Group. The tax payer could then pay the government back at the same 8% that they claim they are going to charge Citi Group.

Every one would win!
The tax payers would get relief on their mortgage or credit card debts.
Citi Group would get their money and could stop worring that people would stiff them by going bankrupt.
The U.S, government would get 8% return on the bail out money when the tax payer pays back the loan.
The whole U.S. economy would get a shot in the arm because fewer people would consider bankruptcy, people would have the opportunity to get back on their feet while still paying their obligations.

The government could then do the same kind of bail out with all the big car makers like GM and Ford and even extend this idea to the banks with troubled mortgages like WAMU, Bank of America, Wells Fargo and any other large company where they are concerned that the mortgage fiasco is going to put them out of business.

Folks, I am afraid that the U.S. Government will just hand over our tax dollars to those FAT cats at the credit card companies, those companies will continue to charge you and me ridiculous interest rates. Many of us will have to consider bankruptcy as a way out.

We will all lose if that becomes our only way out of this mess.

Wake up America.
Contact your congressman, you senator, your governor, your mayor, your representative who ever you believe them to be and ask them to do right by you. After all that is why you voted them into office in the 1st place, isn't it?