Another bailout? Citi saved?

A rather disappointing piece of news this morning, apparently our government is hell bent on nationalizing every bank out there. Newest loser to join the bailout crew? Citigroup!

"First, the U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) will backstop some losses against more than $300 billion in troubled assets.
Second, the Treasury will make a fresh $20 billion investment in the bank. The government has already injected $25 billion into Citigroup as part of the $700 billion bailout passed by Congress in October. "

So not only did Citi ALREADY get 25 billion earlier, but now their losses are guaranteed. 300 billion of them!? So much for that 700 billion price tag. This is precisely what happened to Fannie/Freddie despite Barney Frank promising it would never happen.

So my hope that this absolutely reckless venture of saving companies that were irresponsible would stop with our first massive failed bailout of AIG, Fannie, Freddie, BSC. Apparently the market has not fallen enough, let's keep at it.

Lastly and I find this to be the most remarkable of all, United States once mocked and ridiculed Japan for nationalizing all their banks in the 90s. Are we destined to embark on our own lost decade? I hope not, life promises to become very hard in that case. Very hard.

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