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How’s that $8 trillion bailout going?
Peter Cohan
Blogging Stocks
Tuesday, January 6, 2009
Since December 2007, Washington has committed $7.2 trillion to bailing out the bad investment bets of our financial system. It’s even thrown in a few billion for the pathetically managed automobile industry. And with the incoming Obama administration, that figure is likely to hit a nice round number — $8 trillion.
To put that in perspective, $8 trillion is 57% of our $14 trillion Gross Domestic Product (GDP). But here’s the beauty part — there is no way of knowing where the money went exactly and whether it is doing any good. Much of the money was supposed to go to borrowers. But the banks refuse to disclose what they’re doing with it. If Wall Street pays itself $16 billion in bonuses this year — down 50% from the 2007 high — that money will come from us taxpayers.
Am I the only one in the U.S. who thinks it’s a mistake to use taxpayer money with no strings attached? Is our system so badly skewed that the very people who caused the economic disaster are getting multimillion dollar bonuses from taxpayers who are losing their homes, jobs, and stock portfolios?
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On January 21st, we ought to make a deal with all the recipients of the money, tell us where it was spent by the end of February or give us back the money. With $11.3 trillion in national debt and a $1 trillion Federal budget deficit, we can’t afford to waste $7.2 trillion.
If this money is doing any good for the economy in terms of economic growth or job creation, then we’ll soon discover it when we get the money back in the Treasury. What are the banks hiding? Are they doing nothing with the money? Are they paying it out in bonuses? Are they making new loans?
The worst part is the lack of political will to demand these answers.
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12 Responses to “How’s that $8 trillion bailout going?”
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January 6th, 2009 at 1:19 pm
I could use a couple million or so where do I sign up?
January 6th, 2009 at 2:25 pm
Obviously the problem is that we simply haven’t given enough. I propose every American sell their furniture, the clothes off their backs, and our souls to donate the proceeds to further prop up this system.
January 6th, 2009 at 3:03 pm
This really makes me angry. We the People did not want this bailout but they pushed it on us. It infuriates me to know that my children who arent old enought to sit in the front seat of a car yet will own this debt.
January 6th, 2009 at 3:52 pm
Horrific..treasonous..heinous..There are no words to describe it.
January 6th, 2009 at 4:17 pm
“Am I the only one in the U.S. who thinks it’s a mistake to use taxpayer money with no strings attached? Is our system so badly skewed that the very people who caused the economic disaster are getting multimillion dollar bonuses from taxpayers who are losing their homes, jobs, and stock portfolios?”
No…apparently there’s two of us. Everyone else seems to be preoccupied barking at the other manufactured mainstream demons like the auto makers, the state governers, Greek cops, Hamas, Palestinians and Israelis….all of which can be assumed to be manufactured by the banks. In magic, they call it misdirection.
January 6th, 2009 at 6:09 pm
Man, I can’t understand why Americans are not up in arms over this. The banks don’t want to say what they did with the money? Are you frickin’ kidding me?!? They should be held to account for ever last red cent of the taxpayer’s money!! We are witnessing out and out larceny, out in the open, and not a single thing is being done about it! Americans will get mad when things go into the sewer and the money’s long gone, but by then it’ll probably be too late.
January 6th, 2009 at 8:03 pm
we got jewed!
January 6th, 2009 at 10:21 pm
We should send all of our money to Israel and watch football. Let them stress.
January 7th, 2009 at 1:32 am
after Katrina hit louisiana the they asked for something like 500million to bail them out, but the bush administration said they were opposed to bailing out private corporations. WHAT THE FUCK IS HE DOING NOW THAT LITTLE COCKSUCKER IS ROBBING ALL OF US WHAT ARE WE TO DO?
January 7th, 2009 at 4:32 am
So like, Zionism has not been a good thing for the Middle East and the world? So if Zionism is a bad thing, then why allow it to continue harming our world?
January 7th, 2009 at 6:59 am
What happened to just 700 billion. Throwing money at the problem only makes it worse, it will delay everything….but not for long. Please stock up on supplies and prepare for civil unrest. Do you really think this government is trustworthy of feeding you? Look what happened after huricane katrina.
January 7th, 2009 at 12:03 pm
We can fix the problem easily. The Fed is unlawfully counterfiting the money. Throw Greenspan, Bernake and the rest in prison for conterfitting. Seize all the Fed’s assests as illegally aquired. The congress has no constitutional authority to tax us on our labor and give money out in bailouts. Cancel all illegal contracts and recover the money. Gone is the national debt, aquired is the interest in the media, real estate, etc. THE CONSTITUTION is the law.