Anybody still think we need the bailout? Then read this.

From my friend, DJ McGuire:

One of the big political drivers for the bailout was the supposed weakness of the banking sector, in particular Wachovia, which needed a government-backed merger with Citigroup to avoid failing.

Except that Wachovia didn’t need the government or Citigroup after all (Washington Post, emphasis added):

Wachovia will snub Citigroup and jump into the arms of Wells Fargo instead,
upending a government-arranged rescue of the troubled bank in favor of a more
traditional merger, the companies announced this morning.

The new deal pays Charlotte-based Wachovia shareholders $15.1 billion instead of the $2.2 billion offered by Citigroup. Wells Fargo also said it will not need a government backstop, something Citigroup had demanded.

In other words, the supposed poster-child for a banking sector desperately in need of government help managed to make a better deal for its stockholder without government help.

So why do we need the bailout again?