Comments on: $700 Billion May Not Be Enough: Dr Doom http://www.prisonplanet.com/700-billion-may-not-be-enough-dr-doom.html Wed, 11 Nov 2009 08:00:53 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: John Shaplin http://www.prisonplanet.com/700-billion-may-not-be-enough-dr-doom.html/comment-page-1#comment-48933 John Shaplin Sun, 28 Sep 2008 01:21:32 +0000 http://www.prisonplanet.com/?p=2712#comment-48933 Yea, Paulson and his crowd put the figure at $700 billion the same way the Adminstration puts the cost of the War at $840 billion- which just includes daily, out-of-pocket expenses not including such items as long-term care for wounded veterans, interest on the loans to meet daily expense, equipment replacement or the long term costs of disinvestment in infrastructure and education, vital components of GDP growth. Furthermore, a staffer of the GAO testified this week before Congress indicating that just the process of selling their "toxic assets" to the government is going to further erode confidence in these Wall Street firms because it will require them to EXPOSE how BAD their POSITIONS really are! So in order to have the remotest chance of "stabilizing" the markets ( sort of like "stabilizing" the MidEast- not something ordinary Americans can stuff in their pockets and take home to dinner) the whole process will have to be like blind-man's bluff with a blank check. No doubt Senator Shelby- one of the few really opposing the bail-out- now knows what the "boy who cried wolf" really felt. Yea, Paulson and his crowd put the figure at $700 billion the same way the Adminstration puts the cost of the War at $840 billion- which just includes daily, out-of-pocket expenses not including such items as long-term care for wounded veterans, interest on the loans to meet daily expense, equipment replacement or the long term costs of disinvestment in infrastructure and education, vital components of GDP growth.

Furthermore, a staffer of the GAO testified this week before Congress indicating that just the process of selling their “toxic assets” to the government is going to further erode confidence in these Wall Street firms because it will require them to EXPOSE how BAD their POSITIONS really are! So in order to have the remotest chance of “stabilizing” the markets ( sort of like “stabilizing” the MidEast- not something ordinary Americans can stuff in their pockets and take home to dinner) the whole process will have to be like blind-man’s bluff with a blank check.

No doubt Senator Shelby- one of the few really opposing the bail-out- now knows what the “boy who cried wolf” really felt.

]]> By: Candice Cameron http://www.prisonplanet.com/700-billion-may-not-be-enough-dr-doom.html/comment-page-1#comment-48343 Candice Cameron Sat, 27 Sep 2008 05:04:07 +0000 http://www.prisonplanet.com/?p=2712#comment-48343 Of course it won't be enough. That's why the Paulson proposal includes the phrase "The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding AT ANY ONE TIME." AND...now that the bailout (oops! I mean "rescue") is being extended to other credit areas, the pricetag will inevitably go way, way up. Essentially, it will cost as much as the citizens will put up with being stolen from them. CC Of course it won’t be enough. That’s why the Paulson proposal includes the phrase “The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding AT ANY ONE TIME.”

AND…now that the bailout (oops! I mean “rescue”) is being extended to other credit areas, the pricetag will inevitably go way, way up. Essentially, it will cost as much as the citizens will put up with being stolen from them.

CC

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