8:59 PM Thu, Nov 20, 2008 | Permalink
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The federal government is throwing money at the financial crisis so quickly many taxpayers might have lost count. Let's bring you up to date.
Forget the so-called $750-billion dollar bail out. We have gone well beyond that figure.
There is actual spending, along with guarantees, loans, swaps and other complicated measures taken by the Federal Reserve and the Treasury over the past year. Remember the AIG bailout and others? According to the business experts at CNBC that total taxpayer figure so far is $4.28-trillion dollars. According to other business experts it's a little more than $5-trillion.
That's more money than was spent on World War Two and the Vietnam War combined if adjusted for inflation.
Still the stock market falls, the layoffs are announced daily and the big three auto makers are begging for their own bailout. So too are state and local governments around the country.
So far we've spent more than four-trillion dollars trying to shore up this mess and it isn't enough.
What do you think has to happen before this recession becomes a depression? Should we bail out the auto industry too along with Wall Street? Where will it all end? And more importantly, where will it leave all of us?
Hey Randy! I think it is all crazy! I am wondering who is going to bail out us? We will be paying for all these bail outs. There are alot of us out here that are struggleing. I lost my job in september and have not been able to find another that pays above minimum wage. We also have a high interest home loan. There are programs to help people in foreclosure, but what about the people like us that are making our payments and are broke doing it? Can't refinance because we only have one income and have gotten behind on other payments! Kinda went off your subject there but I needed to vent! I have been watching you for years. Keep up the good work! No more Bailouts!!
The bail out you call that a bail out a hand out is more like it was our taxes money that we gave away so they can just sit on it this the way it should have went each person gets $1 mill ok build a house buy a car or truck to drive or to run your business or to restart a business employ some people key word "employment" i know your thinking if i had a mill why would i need to work if i had a million because you would what to keep that a million the money that you would make off that million you could retire with out a ss check put 1/4 in a ira and half of that in saving and checking you could work to pay the taxes on that million so you retire it is all your the whole plus what you got the % i would do that no cedit cards