Another day, another heart-stoppingly huge Wall Street bailout.

The federal government stepped in Monday and guaranteed $300 billion of Citigroup‘s assets to keep the sprawling megabank from collapsing under waves of investor panic.

That brought the total of promised government outlays and guarantees to a staggering $7.7 trillion, a Bloomberg News analysis found. That figure dwarfs the whopping $700 billion Wall Street bailout.

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It represents $24,000 for every American man, woman and child and is nine times what Washington has spent on the wars in Iraq and Afghanistan.

The vast pledges of taxpayer money are meant to shore up the faltering economy, and in the short term anyway, the stock market greeted the latest bailout with another giddy 400-point rally.

Citigroup, which lost 60% of its market value in a three-day run on its shares last week, rebounded 58%.

President Bush, in an appearance that was strikingly brief and blithe, said Citigroup had to be helped and he expects more bailouts may be in store.

“The decision was made to safeguard Citi … Citicorp,” he said, forgetting that the bank was renamed 10 years ago. “We have made these kind of decisions in the past. And if need be, we’re going to make these kind of decisions to safeguard our financial system in the future.”

Treasury Secretary Henry Paulson, who stood with Bush, said nothing. Ten days ago, Paulson said the banking system “has been stabilized” and that “no one is asking themselves anymore, is there some major institution that might fail.”

Under the details of the latest rescue, the government will put $20 billion into Citigroup and guarantee $300 billion of its toxic assets. In return, taxpayers will receive up to $7 billion in preferred shares.

The management team that drove the once-mighty bank to its knees will stay put, even as the firm lays off 53,000 employees.

Citigroup plans to go ahead with a scheme to pay the New York Mets $400 million to name their new stadium “Citi Field,” a decision that drew fire from taxpayer groups.

“When they’re already going back to the trough for more money from the taxpayers, Citigroup should be reevaluating all spending – from pens and pencils to naming a baseball field for themselves out of sheer corporate ego,” said Steve Ellis of Taxpayers for Common Sense.

THIS IS RIDICULES!!!!

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