And speaking of things the RWS™ have been saying that are untrue (it would be much easier to count their truths, if there were any), let's revisit the socialism of taking over the banks. Ignoring the fact that they were never really "taken over," and that it was always clear that the efforts were temporary, the RWS™ and those who love them have considered this (along with auto makers) the signal truth of their claim. So I'm waiting for their response to this news:
Among the banks that rule Wall Street, Citigroup got a bailout that was bigger than the rest. Now the company is about to pay a king's ransom for its federal rescue.
The Obama administration is making final preparations to sell its stake in the New York bank, according to industry and federal sources. At today's prices, the sale would net more than $8 billion, by far the largest profit returned from any firm that accepted bailout funds, and the transaction would be the second-largest stock sale in history. [emphasis mine, you betcha]
The windfall expected from the stock sale would amount to a validation of the rescue plan adopted by government officials during the height of the financial panic, when the banking system neared the brink of collapse. A year ago, Citigroup's stock hovered around a dollar a share, and the bank's future seemed in doubt. On Friday, the stock closed at $4.31.
If the sale proceeds as planned, Citigroup would be able to cut nearly all of its ties to the $700 billion Troubled Assets Relief Program. Meanwhile, the administration could highlight the profit generated from the rescue of big banks.
"It's unprecedented to do [a stock sale] of this size right after the financial industry has been so battered," said an industry official who spoke on the condition of anonymity because he was not authorized to comment publicly. "It's just a very bullish sign."
Really, it's amazing to me how the right wing has managed to convince so many people of things that are so obviously false. Like death panels. Like ignoring the fact that mandates were a Republican idea. Like it's a "government takeover," or whatever else it is that sent people to their beds when they heard the health care bill passed.
From the beginning it was obvious that the bank and auto-maker rescues, whether they were a good idea or not, were NOTHING like socialism. It was obvious that the plans were temporary. In fact, the idea of the government making money on the deal was floated from the start.
And ignored by the wingnuts, as they stoked themselves into white (most literally) rage.