The Cost (debt, mortgages, buy, tax)

[baystater]

Congress, administration craft financial rescue - Yahoo! News

WASHINGTON - Faltering financial institutions whose toxic assets have brought markets to the brink of catastrophe could unload their bad debt on the government, and in turn the taxpayer, under a half-trillion dollar bailout being crafted by the Bush administration and Congress.

Half a trillion? I doubt it. I'm thinking it's much higher. Closer to 3 when all is said and done. Granted maybe these guy have enough courage to stop the bailouts at half a trillion and let the rest fall. But I doubting it.


So guys. Just for fun give me some numbers. What this going to cost us.

President Bush on Friday acknowledged risks to taxpayers, but he declared, "The risk of not acting would be far higher."

Do you think there is some truth to this statement? I have to say yes in the end. Though I hold my nose doing it. DAMN SHEOPLE! They always overreact and ruin thing for people that actually have some brains.

[Nor'Eastah]

Originally Posted by baystater

DAMN SHEOPLE! They always overreact and ruin thing for people that actually have some brains.

Not sure which "damn sheople" you are referring to.

Unless you are referring to the investment CEO's and government accomplices who conspired to, out of greed, multiply their wealth via OTC derivatives, you haven't a leg to stand on.

If, as I suspect, you are referring to Joe Six-pack who is howling because his bank deposits look shaky and his 401 (k) is not performing the way Wall Street shills promised him it would ("buy and hold"), you are just damning the victims, and not the perps.

[lchoro]

It's been since raised to 700 billion dollars by the administration. For perspective, the first Resolution Trust Corporation cost anywhere from 150 billion to 800 billion depending on the source. This will probably cost much more since the government is applying the haircuts (rumoured at 35 percent) to the mortgages held by the banks and not the actual homes which are valued at much less than the mortgage.

[HappyTexan]

I say just write a blank check and stop counting..the zero's are hurting my eyes

Let's do what Zimbabwe did but only to debt..chop off a few zeros and call it that !

In all seriousness though..I'm thinking it could go as high as $3-5 trillion not taking into account the resets for next year.

[maf763]

That $700 billion equates to over $2200 for every man, woman and child in the United States.

[tallrick]

I do not get it. I thought the government was in the hole for trillions. How can they dig themselves deeper to create "billions" and still have any credibility?

[bxlefty23]

Originally Posted by tallrick

I do not get it. I thought the government was in the hole for trillions. How can they dig themselves deeper to create "billions" and still have any credibility?

most people are sheep, have no idea what is going on, cant see through smoke and mirrors, dont accept personal responsibility and want the govt to be their baby sitter

bunch of ****ing lemmings!

[Clay Lady]

Ya'll are clearly not paying attention. The trillions of billions are no problem, they are going to get all that money from the tax cuts we are going to get! See problem solved - go shopping. Buy a bigger house - with a pool.

[bxlefty23]

Originally Posted by Clay Lady

Ya'll are clearly not paying attention. The trillions of billions are no problem, they are going to get all that money from the tax cuts we are going to get! See problem solved - go shopping. Buy a bigger house - with a pool.

why only 1 pool?

[Philip T]

Originally Posted by bxlefty23

why only 1 pool?

Best post I have read today.

Thanks, I needed that.

Have been house shopping and I see so much of the Hummer=Edsel=Tailfins=BlingBlingGoldRims=TotalUSCo rporateWhiteWiggerdom in the glut housing it just makes us sick to even look at all anymore.

Five bathroom houses. FIVE freakin bathrooms. For five of us. We would have to potty-train the 1 year old just so we could full use and all take a crap at the same time.

Mind bogglin.

And Why only 1 pool?