Fed Bailout Now To Include Foreign Banks; Will Amount To $1.8 Trillion.

Are you getting mad yet? Every time I try to think about something else, I read another article about how bad this is getting. The bailout, which last week was estimated at a mere $1 trillion dollars, is now estimated to end up costing $1.8 trillion dollars. Want to know part of the reason for the almost 100% jump? We are now going to allow foreign banks to apply for bailout money too. Isn’t that grand? We, the lowly taxpayers, get to send our tax money overseas too! Yea! That’s $15,000 per every single U.S. household that will be used for this bailout – hope you didn’t want to pay for a bit of college for your child or put a new roof on your house…

Initially, the Treasury proposed buying assets only from companies based in the United States, but Paulson laid out the case for a broader mandate to ensure credit was flowing.

I am wondering at this point who is next to ask for a handout… The airlines? Oh right, they already get taxpayer money even though they are public companies. Auto manufacturers? Whoops, they already do too. Oil companies? Aw shucks, they already get billions in subsidies. I got it, I got it – maybe poor people can ask for some assistance, or health care clinics can get fullyfunded, or veterans can get the care they deserve, or our schools can actually have a book for each child, or maybe the government will pay off my wife’s students loans for us! Nah, that would never happen here in America – after all, we are not a socialist nation, right, and we don’t help each other out…unless “we” happen to be a multinational, billion-dollar company.

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Comments (9)

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  1. Fit Wallet says:

    Thank you. I’m so sick of hearing people talk about how this is a necessary evil to bail out greedy multi-billion dollar companies who screwed themselves and every American, but we shouldn’t give “lazy” poor people any additional assistance. Let them pay for their mistakes! Such a double standard.

  2. david says:

    You got it Fit Wallet – we only help those who don’t need the help. It’s the American way!

  3. cwaltz says:

    I hit mad a long, long time ago. Everything I was taught growing up apparently means nothing. There are no checks and balances. There is no accountability for anyone other than the “little folk.” There is no right to privacy(or the terrasits might get you). You apparently don’t need to be financially responsible because Joe Taxpayer will bail you out(even if he didn’t get to reap the rewards when yopu were flying high). Health for everyone is a bad idea all the way up until you decimate your opponent by smearing her then you can use the political opportunity to coopt it. I’m disgusted with the whole lot of our so called leaders. They seem to have never met a primciple they couldn’t bend and stretch tro the point of breaking.

  4. […] We Let The Greedy Bastards Fail? By Hazzard David at My Two Dollars has a couple of posts that I was going to do myself but he did a fine job so I’m just going to link to him.  I […]

  5. Greg says:

    Actually, I just read yesterday about some plans to help people with student loans: http://online.wsj.com/article/SB122127602072331657.html?mod=comcast

    The details (such as where they will get the money) aren’t worked out yet, but it sounds promising for some of us.

  6. i’ve moved past mad to numb. this country is so wrecked. i constantly think about my girls having to grow up in a real depression, and it’s depressing. luckily something made me wake up six months ago and start tackling my family’s finances and i feel i have a tiny bit of control of our own situation.

    thanks for your last two posts. they are awesome. stay mad. maybe something will change.

  7. david says:

    Thanks Greg, will check it out!

    Make Art – we all need to be mad and let our representatives know!

  8. plonkee says:

    My understanding is that what happened in 1929/30 is that Andrew Mellon let capitalism take care of it, and the net result was that huge numbers of banks failed. The initial reaction to the Wall Street crash by government seems to be believed to have exacerbated the problem.

    Additionally, there are plenty of nominally non-US banks that have extensive operations there and suffered just as much as ones with their head office in the States – e.g. HSBC and Barclays. Finance is global these days, no two ways about it.

  9. Dee says:

    Infuriated is the word. And dumbfounded. All I can do is shake my head and try to fight off the despair I’m feeling at what has happened to my country.