Three Card Monte - USA wins world championship

The United States government has won the Three Card Monte Championship. Unfortunately the U.S. tax payer lost.

If you are not familiar with the game Three Card Monte, it is similar to the shell game. A player bets on where a certain card is while a deal moves three cards around face down. In other words a dealer takes, let's say, two kings and a queen, shows you the where he places the queen then begins in rapid movements to move all three cards around. You then pick where you think the queen is and if you are right you win.

The U.S. government plays the game with auto executives and bank presidents. They call three auto executives up to capital hill. The U.S. congress grills them for two days. Asking them everything from their pay structure to how much their private jets cost. In return the congress agrees to consider giving them 25 billion dollars in financial help.

The American tax payer becomes enraged. We write blogs and op ed pieces derailing the bailout of Detroit. While we are busy being angry they give Citigroup Bank another 20 billion and guarantee 300 billion of their bad debts. I say "another" because they already received 25 billion from the TARP bailout money.

Detroit was, like the dealer shows the cards, held up for all to see during regular business hours on a week day. Citi was handed the money behind our back, on a Sunday evening, just like the money given to AIG.

It's funny how banks and insurance companies get money on Sunday while Detroit gets turned down for insufficient paper work on a week day.

Round and round the bailout money goes where she stops nobody knows.

I am against bailing out Chrysler, Ford and GM but if we can find over 300 billion in resources to save one bank can't we find a way to save our auto makers?

I think one way to save them would be to tell Citi if they want their money there is one catch. You must finance cars. Any new car bought by any American. We would of course allow them to slide their interest rate depending on credit risk

But not too much!

Say one per cent for great credit to ten per cent for bad credit. There are many who would say this is too low. Remember if you are saying this, essentially Citi would be loaning us OUR OWN MONEY.

If they don't want the deal maybe they have a better offer.

Maybe they and congress could earn it on the streets of New York or Washington.

After all, they are champions.