Doug Kellett @idougradio

Doug Kellett @idougradio

Doug Kellett

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I have more than 30 years of news/talk/sports hosting experience including management of stations in Nashville, Denver and Columbus(GA). I often can be heard in some of the largest markets in the US and great stations like KOA/Denver, 630 KHOW/Denver, 600 KCOL/Ft. Colllins, CO, WOAI/San Antonio, KTRH and KPRC/Houston, WLS/Chicago, KKDA/Pittsburgh, WLAC/Nashville, WBT/Charlotte, Fox News/Ft. Myers-Naples, FL, 106.3 WORD-FM/Greenville-Spartanburg, SC and many other stations.

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Now it is Citigroup

by Doug Kellett

I guess it is fitting that it is the holiday season where the world turns to gift-giving because our federal government is certainly in the mood. Word has come that Citigroup is the latest major corporation to benefit from governmental financial bailout.

This began with a major concern that our financial institutions would fail putting in jeopardy years of savings for consumers and depression like downturn in the stock market. Now, other companies are lining up to get their share of tax payer money. There is Citigroup where supporters say a bailout is essential because of its role in financial stability. Then, there is General Motors who makes a similar claim. In all, every major corporation who employs thousands of people and has a role in the credit market can make a case. That brings me to the question of when will this end?

Democrats for years criticized capitalism as a symbol of greed. Now, they are taking advantage of public fears to get more involved in private business. With government handouts, they reason, come more government regulations and that is their opening. While some government regulation is appropriate, the wide latitude given to these politicians is striking and dangerous. We have opened a door that we might not be able to close putting us further down the path of socialism.

“Some socialism isn’t bad” I hear some say. You say that now as Democrats are only beginning their takeover. Higher taxes on the producers, more government regulations, and federal control of major corporations are on the horizon with President-elect Obama supporting all.

What has happened on our watch is the only way it could have happened. Fear led to panic and the panic led to poor decisions and we let socialist politicians right into the corporate board rooms. Willing companies who need the bailout agree and a public concerned about the economy just watched as these decisions are made. Often they call it a “perfect storm” when a number of perfectly timed events happened all at once. This is exactly what has happened.

Even I, an ardent proponent of fiscal conservatism, determined that a bailout of the banks and mortgage companies was essential. Little did I know that Congress would provide the Treasury Secretary and future administration money with no strings.

President-elect Barack Obama’s economic message this week called for a budget that could have as much as a one trillion dollar deficit disguised as a stimulus package. Even the spending loving Bush administration operated with only a four hundred million dollar shortfall.

This, as John McCain would say “my friends,” is a serious situation that can be made worse with just a few wrong decisions over the next few months. Spending with no concern of fiscal responsibility is doomed to fail and with an economy so fragile, this plan could be one that sends us over the edge. If President elect Obama isn’t careful, 2009 is going to be compared to those years of the Great Depression.