Cost of the bailout

And this isn't even taking into consideration what Barrack Obama will do AFTER he is sworn in.

Bailout payout tops $8 trillion
By: Jeanne Cummings
December 16, 2008 09:56 AM EST

As the holiday season commences, it’s worth taking stock of the last gift that President George W. Bush and the 110th Congress have left for U.S. taxpayers.

It’s a package of about $8.7 trillion dollars’ worth of potential taxpayer commitments for loans, guarantees and other bailout goodies for businesses and distressed homeowners.

Amid the tissue paper:

• More than $1.5 trillion in Federal Deposit Insurance Corp. loan guarantees, including a $139 billion assist to the lending arm of General Electric Corp.

• $1.8 trillion in cash, tax breaks and loan guarantees doled out from the Treasury Department to taxpayers, financial institutions and credit companies.

• $300 billion for homeowners from the Federal Housing Authority.

• $25 billion in assistance for auto companies from a program overseen by the Energy Department, which is separate from the bailout proposal that tanked last week in the Senate.

• And $5 trillion worth of new money, loan guarantees and loosened lending requirements from the Federal Reserve Bank.

According to Bianco Research President James Bianco, who crunched these numbers, that amounts to more government aid and assistance than nine other historic bailouts and big government outlays combined.

The New Deal, for instance, cost an estimated $32 billion in its day, which would be about $500 billion in today’s dollars. The Marshall Plan cost about $12.7 billion, which is the equivalent of a paltry $115.3 billion. The Louisiana Purchase? The French got $15 million, which would be worth about $217 billion today.

If you take those three items, add in the adjusted costs of the Race to the Moon, the savings and loan crisis, the Korean War, the Iraq war, the Vietnam War and assistance for NASA, you still get to just $3.92 trillion — not even half of the taxpayers’ exposure today, according to Bianco.

Read the rest here

As the man says:

"Capitalism has defeated communism. It is now well on its way toward defeating democracy."- David Korten

These bailouts are not capitalism. They are unbridled socialism.

Stephanie wrote:These bailouts are not capitalism. They are unbridled socialism.

Ah, but it is the capitalists who finagle the political system to make it happen! Isn't it obvious that many capitalists are not opposed to socialism- and that they actually encourage and nurture it- when it serves their interests?

You can't go blaming capitalism, Ziggy. It isn't capitalism that is failing.

Unbridled Capitalism failed long ago.

A regulated form of Capitalism yoked togethor with the national well being can still survive.

Thanks to the trustbuster Teddy Roosevelt and the regulator Franklin Roosevelt.

How and when did unbridled capitalism fail?

Well it looks like the rugged individualists might be getting their wish.

CNN just announced Chrysler is shutting down all plants.

Chrysler was already shutting down the plants. They extended the shutdown to save some cash. It's a smart move on their part, one of the few they've done.

And you didn't answer the question. When did unbribled capitalism fail?

early 1900's in this country.

Oh, horse shit.

Stephanie wrote:You can't go blaming capitalism, Ziggy.

So who is lobbying for all those federal government bailout $$$$? Mother Teresa and the Salvation Army?

When the capitalists start sending all those bailout checks back to the U.S. Treasury uncashed, Stephanie, I'll look at it again.

Their government taught them to go to Washington with their hands out, Ziggy. Keep in mind, many of these corporations have been funding socialism for decades and decades. I suppose they must figure it's their turn.

Stephanie wrote:Their government taught them to go to Washington with their hands out, Ziggy. Keep in mind, many of these corporations have been funding socialism for decades and decades. I suppose they must figure it's their turn.

You've got it bass ackwards, Stephanie. They have been going to Washington with their wallets and checkbooks open for a long time. Now they are reaping the dividends on all those $$$ they slopped into politicians' coffers in Washington.

What, now no corporations every pay any tax at all? Is that what your stating?

Stephanie wrote:What, now no corporations every pay any tax at all? Is that what your stating?

Now where did you come up with that? I never said, nor even suggested, any such thing.

Corporations do pay taxes. They also pay hundreds of millions in bribery $$$ to politicians.

Are you denying that a portion of the taxes they have paid over the past 60 years have gone to pay for an increasing number of socialist programs?

No.

Your argument reminds me of the opponents of the Social Security program. More often than not the biggest and most vocal opponents of Social Security are the very folks who reap the most rewards from its benefits.

The multi-million dollar Wall Street fat cat corporate executives are fine with reaping their socialism payments in amounts far in excess of any measure of the "socialism" payments they paid over the past 60 years. I don't have much sympathy for multi-million dollar executives who whine and bitch and moan about the government helping some needy people, but while licking their chops about taking their own millions in public handouts. They should heed what my mom taught me decades ago- not to speak while my mouth is full.

All these several weeks, Stephanie, you have said you oppose the corporate bailouts- unless I have misunderstood you, which I may well have.

So why are you arguing for them now?

Did Sodbuster convert your political soul to his view?

sodbuster wrote:early 1900's in this country.

You'll have to come up with a little more specific example, if you don't mind.

Because what I see of TR is a President who destroyed capitalism and a government that was supposed to protect life, liberty and the pursuit of happiness and replaced it with a regulated government we have today whose intention was to stamp out life, liberty and pursuit of happiness and replace it with cradle to grave care.

Of course, if you have some specific examples of how capitalism failed, then we can discuss those. Thing is, I don't think you can cite any examples.

ziggy wrote:All these several weeks, Stephanie, you have said you oppose the corporate bailouts- unless I have misunderstood you, which I may well have.

So why are you arguing for them now?

Did Sodbuster convert your political soul to his view?

OMG

I am opposed to the bailouts. I was and do remain opposed to the bailout of the banking industry, Wall Street, AIG, the "Big 3", the Manoff or whatever his name is investors, and I am opposed to the bailout of that little aluminum company in Ravenswood.

I am opposed to socialism. I do, however, think it is understandable why the aluminum company would look for a bailout all their own. The Fed printing up money and Congress is busy indebting the American people at unprecedented rates. I'm sure that little company in Ravenswood must figure if they can fork over a trillion dollars to Wall Street a few hundred thousand, or even a million dollars or more is small potatoes.

Hell, I want some. I think the government should fork over some bailout money to my family. I wouldn't blow it on a resort vacation either. I'd use to to buy books and pay room & board and tuition for my children in college.

If they gave me enough, hell......I might even finally get a new car. I'd make sure it was manufactured in America, not to worry.

You know, we've got ole Sodbuster on here crying and wailing over American industry. Do you know last year I spent 3 weeks trying to find a freaking slow cooker made anywhere other than China? My FIL wanted one and I don't buy things manufactured in China if I can help it. I always buy American whenever possible, but sometimes it's not. In that event, I try to avoid products made in China, at least. I could not find one! Well, eventually I did find one that claimed to be made in the USA but it was only for sale by booking a party.....think Tupperware. Well, by the time I found this it was 2 weeks before Christmas so JO got the nicest Chinese crockpot I could find.

Aaron wrote:

sodbuster wrote:early 1900's in this country.

You'll have to come up with a little more specific example, if you don't mind.

Because what I see of TR is a President who destroyed capitalism and a government that was supposed to protect life, liberty and the pursuit of happiness and replaced it with a regulated government we have today whose intention was to stamp out life, liberty and pursuit of happiness and replace it with cradle to grave care.

Of course, if you have some specific examples of how capitalism failed, then we can discuss those. Thing is, I don't think you can cite any examples.

That is what I said horse shit to, btw.

Well I hate to say, but this reminds me of the band playing on the deck of the Titanic.

It is frustrating that some cannot see the seriousness and enormity of this financial situation.

I see Sen. Byrd is sending money for soup kitchens to several counties.

Sadly I fear Jackson County will be next.

But the band plays on...

http://wvgazette.com/News/200812170713

Stephanie wrote:

Aaron wrote:

sodbuster wrote:early 1900's in this country.

You'll have to come up with a little more specific example, if you don't mind.

Because what I see of TR is a President who destroyed capitalism and a government that was supposed to protect life, liberty and the pursuit of happiness and replaced it with a regulated government we have today whose intention was to stamp out life, liberty and pursuit of happiness and replace it with cradle to grave care.

Of course, if you have some specific examples of how capitalism failed, then we can discuss those. Thing is, I don't think you can cite any examples.

That is what I said horse shit to, btw.

No you didn't. I posted this AFTER you said HS. You've still not shown when and where unbridled capitalism failed. And while you're at it, perhaps you can show where the government intervention has actually done some good.

You misunderstood me.

This

sodbuster wrote:
early 1900's in this country.

is what I said horse shit too. lol