Thursday, July 29, 2010

Bank Bailout May Cost $23.7 Trillion

U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update3) - Bloomberg
"July 20 (Bloomberg) -- U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program."

OK folks, let's do some simple math. $24 trillion divided by 100 million U.S. households....that's $24,000 per family. Would the banking system have "collapsed" if we gave each American family $24,000? What would that $24 trillion have bought? Consumers would have spent and saved...a huge boost to us all. What did it actually go to? Bailing out degenerate billionaire gamblers, paying above-market rates for their insane bets. Come on folks. Don't you see it's time to take the power away from legislator-lobbyist cabal?

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