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Where Are Our Tax Dollars Going in the Government Bailout?

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

government bailoutI'm feeling a little bit like Lewis Black this morning. As I read about the government rescue of Citigroup, I feel the hairs on the back of my neck tingling. It's injecting $20 billion into Citigroup, after already giving it $25 billion, which resulted in an ownership stake.

But that's not what really bothers me. What I find disturbing is the fact the government has already disbursed $507 million to banks and, as taypayers, we have no right to know which banks received the funds or what they did with the money.

The government's reasoning is if we knew, we might withdraw our money from those banks and besides, the government knows better than we do what to do with our money.

I had hoped I was interpreting this incorrectly, but it appears I am not. What do you think about the bailout program and how it's being handled?

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Photo: Big Stock Photo

The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(7)

Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Elizabeth:  Citibank should NEVER have received any money.  It's a company out of Saudi Arabia.  Isn't that were the toilets are made of gold?  Please!  As for my thoughts on the bailout....I think the whole thing stinks.  By bailing anyone out, you have to draw a line somewhere.  And that line is going to feel really unfair to the folks just on the other side of it.  I think we are delaying the inevitable.  The economy crashes now or later.  At least now I am able bodied and able to work. 

Nov 25, 2008 07:10 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Elizabeth, these bailouts are completely getting out of control. The dumbest statement I heard which the lawmakers believe, are that these companies are too big to fail. What a bunch of hooey is that.

Nov 25, 2008 07:20 AM
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate

Hi Elizabeth,

I never understood why we bailed out banks.  WHy didn't we arrange special loans for consumers so they could pay their bank debts.

All the best!

Nov 25, 2008 07:20 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Well, I'm astounded that they don't have to tell us where the money went.

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Nov 25, 2008 07:24 AM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

If throwing money is the new government plan we will all be OK. Some how I don't think that cash going into poorly managed companies is the answer.

Nov 25, 2008 02:52 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Elizabeth- From my stand point.  I will never vote to re-elect anyone who voted for these bailouts?  Where's my stinkin bail out?  Does my congressman want to make my car note for 24 months?  My office payment?  My house note? 

And the fact that they can pass out monies and NOT have to tell the tax payers where they are sending it and how it's being used... ticks me off to no end.  Lack of accountibility got those companies in trouble in the first place. 

If they would just let me be queen for about a month I think I could straighten this country out.

 

Nov 25, 2008 03:30 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

They are right, we would withdrawal our money in the form of a loan to buy houses which would spur the economy. What a concept!

Congratulations on reaching the two year mark of being a member of Activerain and I do want you to know that I personally appreciate how you make this site a place I want to visit everyday.

Dec 07, 2008 05:21 AM