Monday, February 9, 2009

Doubling Down

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs

Read that number, and then look at the National Debt in my sidebar. Compare and contrast.

You don't hear about the bigger number in the news. The focus is all on the TARP and the new Bailout (the two of which combine by themselves into almost $2tr). What isn't seen is the $7,000,000,000,000 in monies promised as a guarantee to loads of bad mortgages and other toxic debt. I have a feeling, from the lack of transparency, a lot of those guarantees will be called due.

So here we are, doubling our National Debt to make sure the fraudulent thieves who made the bad bets in the first place, and whom, in some cases, intentionally moved their liabilities into off book loopholes go home with money in their pockets. Meanwhile, we all get higher taxes and to foot the bill for their largesse.

The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

This is a sick joke. How Obama can get up there and act like this is being done to help the Country is pathetic. Building roads will not generate lasting jobs, neither will putting money into school systems that are already Federalized and failing miserably in their primary mission - to EDUCATE (not INDOCTRINATE) our youth.

It's all I can do to even listen to the mouthpieces. Our "leaders", and I use that term with the highest level of disrespect I can gather, are all platitudes and rhetoric - no real substance.

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