Listening to the President speak this morning about how its going to be difficult, but that he is being forced to spend some taxpayer money in order to “fix” things and how things are still great even though they don’t look that pretty, made me pretty mad. But then when some economists came out today saying that the total cost of this bailout SO FAR could top $1 Trillion dollars, I was really mad. Here’s why:
These companies made billions and billions in profits from a lot of shady loans and debt repackaging, and their CEO’s and upper-level managers got millions in bonuses and salaries while doing so. Suddenly, their crappy business deals come home to roost and we are left holding the bag and paying through the nose for what they knew was coming down the pike. A trillion dollars? Of our tax dollars? For you guys?
It’s a shame we never have money to provide better education, or to fix bridges before they collapse, or to send our troops overseas with the proper gear to do their job. But somehow, we can come up with at least $1 trillion dollars to bail out public companies that collapsed due to their own malfeasance. It’s mind-numbingly stupid.
Who’s next? If Applebees or McDonald’s starts losing customers, do we get to bail them out too? I am not quite sure where the line is drawn anymore.