Bailout could cost taxpayer’s $5 trillion
Yesterday, Treasury Secretary Henry Paulson decided to go in a new direction with this $700 billion bailout plan. The original plan, which was drafted with the help of Congress, was for your tax dollars to purchase troubled assets, specifically troubled subprime mortgages. That was then, this is now. Instead the government is going to buy stakes in banks and hope that they can resume normal lending.
So what is this REALLY costing us? That $700 billion seems like a lot, but a research firm has calculated the running total of the government’s response to the credit crisis … and it says that the United States government, err, the taxpayer’s, has put itself on the hook for $5 trillion in order to save our financial system.
My opinon: I’m all for letting this thing crash and may the strong survive. You just can’t keep doing bailout after bailout. It’ll just sink us more into debt as we keep borrowing from foreign countries and our currency won’t be worth shit. Crash and burn baby.
Related Posts
- Who’s watching the bailout bill?
- Henry Paulson has found his new man…Neel Kashkari
- U.S. budget deficit will soar to a new record of nearly half a trillion dollars in fiscal 2009
- Government spending out of control
- We need to learn from the past
Tags: bailout, economic crisis, h.r. 1424, henry paulson, tarp, troubled assets relief program
Favorite Me
Follow Me
Subscribe
Loading ...