The ordinary citizen finds that taxes go up and prices go up and savings disappear.
And who is going to lend the money to governments that are heavily in debt?
At Axis of Logic, 15 October 2008, we read about the Biggest robbery of the public in world history. US bailout costs approach $5 TRILLION
A trillion is a thousand billions.
Pelosi's latest economic-stimulus package
Paulson's Bank Nationalization package
Bailout to the American car companies
Nancy Pelosi's bailout of the state and local governments
Financial "bailout" bill
Bear Stearns financing
Fannie Mae and Freddie Mac nationalization
AIG loan and nationalization
$85 billion (+ extra request of $35 billion)
Federal Housing Administration housing rescue bill
Mortgage community grants
JPMorgan Chase repayments
Loans to banks via Fed's Term Auction Facility
Loans from Depression-era Exchange Stabilization Fund
Purchases of mortgage securities by Fannie/Freddie
Also, the U.S. government has said it will temporarily guarantee $1.5 trillion (£856 billion) in new senior debt issued by banks, as well as insure $500 billion (£285 billion) in deposits in non-interest accounts, mainly used by businesses.
These figures take the potential cost to approximately $4.559 trillion
or $43, 221 per household.
Should the multi-millionaires be paying much more in tax?
Should much less be spent on the incompetent military?
Photo by Sarvagnya