First it was Bear Stearns. $30 billion. Then Freddie Mac and Fannie Mae. $200 billion. Then A.I.G. $150 billion. Then $25 billion in loans to the 'Big Three'.
That's just the start. Now we get into some real money.
That's just the start. Now we get into some real money.
Troubled Asset Relief Program - $700 billion (later increased to over $850 billion) for buying up distressed loans from Freddie Mac and Fannie Mae.
Citigroup. $247.5 billion
For a change, now we back off the big money - possibly because Mr. Bush is such a thrifty soul. Chrysler/G.M. $17.4 billion. This in direct opposition to the will of the people as expressed in Congress rejecting the bailout. Also, possibly illegally taking money from the TARP funds.
Keeping track? So far, we've given away $1,519.9 billion - over 1 1/2 trillion dollars.
Now come the governors of five states, including my home, Wisconsin. They only want another trillion dollars to make up for shortfalls caused by bad investments and state spending grossly outpacing tax collections.
If we figure the US population at present at 306 million, that give each of us, man, woman, and child, productive citizen and welfare taker, able bodied and handicapped, a current debt of around $8200. This is money given to huge corporations and government-backed funds as a reward for their corruption, malfeasance, and stupidity. Assuming a typical family of four, each family's share is almost $33,000. Of course, persons not paying taxes, such as those on welfare of any kind and many illegal immigrants, will never pay for any of this. I've heard that approximately 40% of the US population currently is in this group, but have no figures to back that up.
All of these bailouts seem to be so danged urgent that action must be taken instantly - without the Congresscritters being given any time to actually READ the bills, let alone time for their poor brains to UNDERSTAND what is being proposed. I recall something called the PATRIOT Act being similarly urgent, and being passed almost unanimously by 'legislators' who in most cases didn't even TRY to read the thousand or so pages of legalese.
Who writes these bills? The PATRIOT Act was authored by a Georgetown University Law Center professor, Viet Dinh - but who asked him to do it?
It's part of the American Dream to make it on your own - or fail on your own. It's an indication of how close we are to being a Soviet-style society that we cannot allow failure, especially if that failure would cause discomfort to some of our leaders and their handlers.
Citigroup. $247.5 billion
For a change, now we back off the big money - possibly because Mr. Bush is such a thrifty soul. Chrysler/G.M. $17.4 billion. This in direct opposition to the will of the people as expressed in Congress rejecting the bailout. Also, possibly illegally taking money from the TARP funds.
Keeping track? So far, we've given away $1,519.9 billion - over 1 1/2 trillion dollars.
Now come the governors of five states, including my home, Wisconsin. They only want another trillion dollars to make up for shortfalls caused by bad investments and state spending grossly outpacing tax collections.
If we figure the US population at present at 306 million, that give each of us, man, woman, and child, productive citizen and welfare taker, able bodied and handicapped, a current debt of around $8200. This is money given to huge corporations and government-backed funds as a reward for their corruption, malfeasance, and stupidity. Assuming a typical family of four, each family's share is almost $33,000. Of course, persons not paying taxes, such as those on welfare of any kind and many illegal immigrants, will never pay for any of this. I've heard that approximately 40% of the US population currently is in this group, but have no figures to back that up.
All of these bailouts seem to be so danged urgent that action must be taken instantly - without the Congresscritters being given any time to actually READ the bills, let alone time for their poor brains to UNDERSTAND what is being proposed. I recall something called the PATRIOT Act being similarly urgent, and being passed almost unanimously by 'legislators' who in most cases didn't even TRY to read the thousand or so pages of legalese.
Who writes these bills? The PATRIOT Act was authored by a Georgetown University Law Center professor, Viet Dinh - but who asked him to do it?
It's part of the American Dream to make it on your own - or fail on your own. It's an indication of how close we are to being a Soviet-style society that we cannot allow failure, especially if that failure would cause discomfort to some of our leaders and their handlers.
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