Saving Citibank makes the market skyrocket, makes me look for cover

I think this Citibank deal is a really bad sign. 

Having to guarantee $300 billion of crap (i.e. bad loans) in order to save one big bank is just nuts.  That’s $1000 per American citizen.  And just a month or two ago, Citibank was one of the "strong" banks bidding on Wachovia.  So it makes me wonder, just how bad are things at the other "strong" banks?  I know George W. Bush says we can do more of these deals, but it makes me question how many of these deals we should be doing! 

You can read a related article on this topic here.