Lets play a game and list all the things we could probably accomplish with 700 billion dollars of deficit future taxes paid by politicians in the pockets of business to bail out failing companies run by fabulously wealthy entitled millionaires and billionares. This is in bizarro world where they spend tax money to benefit the taxpayer whom they represent (oh sorry, our 'leaders'). I'll start: Assistance to worthy unwed mothers, who work and are sole providers of a child, senior citizens, the truly disabled. Maybe a computer at every school desk and more teachers to have much smaller classes? Might get a good discount for a bulk sale...with 700 bil you could probably get more than a billion computers. Obviously far more computers than needed so you could cut it up. National direct city to city high speed train systems, everyone rides for free the first year. How much does America spend on staple foods each year, we could probably all get free bread for life. Fund research and cure a disease. We could run experiments, we could finally find out if monkeys can be taught to play Mozart! Or...better yet, we could not borrow it in the first place and not add to our tax burden and massive debt.
Hopefully a taxpaid " bailout " will not happen. There is another way around this if done correctly. Loan guarantees have been mentioned. Anything but a bailout.
I watched Henry Paulson yesterday liken the "bailout" to more of an investment, i.e. taking on current mortgage loans at todays value & selling them back on the market at some point in the future at the prevailing market value. Sounds reasonable but I never heard where the money was to come from now & what the govn't would do with any profits in the future.
Well the profits would go into the goverment coffers LOL you honestly dodnt think that they would pay the tax payer a dividen
WaMu, RIP. The biggest bank failure in over 23 years happened quietly in the middle of last night, amidst all the turmoil over the bailout for the corporate fairies that screwed their country, and their customers. JP Morgan Chase steps forward, through some chicanery lined deal with the Federal Reserve to buy up WaMu's appreciable assets whilst apportioning off the losers to the Fed. In days of old CEOs thus would have had some option at this point: 1. Leave the country and head to Latin America, preferably some non-extradition country like Paraguay or Bolivia. 2. Go for a swim in San Francisco bay like the CEO of Bank of California did, and turn up days later bobbing on the Oakland shoreline. 3. Get caught and hanged, like numerous less than admirable characters in the 19th century. Nowadays they get a golden parachute, a cute 25 year old blonde accomplice, and a country club setting to live out their days.
