Thread: How does the current bail out compare to past spending?

Friends,

I asked Dixie to look up some numbers for us. Please review and comment.

The current bail out package the Bush administration is asking Congress to rubber stamp will force each of us further into debt to poor a minimum of 700 Billion dollars into failed business investments.

While everyone acknowledges that 700 billion is just for starters, some speculate the final price tag could go as high as 5.5 trillion of bad debts converted into Treasury notes.

Look at how this compares, please double check our numbers and let us know if you have any other interesting comparisons to add before we send this list out in an email.

Wall Street Bail Out Package 700 Billion to 5.5 Trillion dollars

Bail Out: $700,000,000,000.00 - 5,500,000,000,000.00

(In adjusted dollars for 200

Korean War: $405,200,000,000.00 (405.2 Billion)

Vietnam War: $596,200,000,000.00 (596.2 Billion)

Apollo Space Program: 151,400,000,000.00 (151.4 Billion)

Space Shuttle Program: (162.6 Billion)

Manhattan Project: (30.1 Billion)

World War 1 (US Costs) 328,292,421,030 (328.3 Billion)


W

Aren't we still in Iraq... rebuilding that country as well. That bill has not become due yet either.

Where is all this money coming from?

You might want to include the text of the legislation in the email as well.

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.—The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.—The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for—

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.—The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.—The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.—The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.—The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretarys authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.—The term mortgage-related assets means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.—The term Secretary means the Secretary of the Treasury.

(3) United States.—The term United States means the States, territories, and possessions of the United States and the District of Columbia.

http://www.foxnews.com/story/0,2933,425672,00.html

Here is a list posted in other topics.

http://www.alipac.us/ftopict-132611.html

[quote]History of U.S. Gov't Bailouts

http://www.propublica.org/special/government-bailouts

September 22, 2008 1:35 pm EDT

With the flurry of recent government bailouts--and a much larger one
likely on the way--we decided to try to put them in perspective. The circles below represent the size of U.S. government bailout, calculated in 2008
dollars. They are also in chronological order.

Industry/Corporation***Year***What Happened***Cost in 2008 US Dollars

â—

Predatory Lender Bailout = Corporate Welfare = Government Waste

Dixie

I can't begin to tell you how much of an outrage this is. This country is no longer of the people, by the people and for the people, it is of the rich, by the rich and for the rich. It is of the criminal, by the criminal and for the criminal. I would rather every one of these multi-billion dollar get completely wiped out then to give them a single dime of my money. Bush is bailing out his rich fat cat buddies and he's trying to pass this as quick as possible before we find out about it and will spin it as being great for America.

This will not only put us further in debt, but will erode the value of our dollar even more. The victims of these corporate crooks won't even see a dime of this money. The crooks were all too willing to give these shady loans to not only those who couldn't afford them and had bad credit, but they gave these shady loans to illegals en masse. Now that the loans are all defaulting and these corporations are going under, they want a bailout and Bush is going to bailout the same crooks who put us in this situation in the first place.

A real president and a real congress instead of being deaf, dumb and blind to this crisis would come up with a real plan that states the following:

A real plan to solve this economic crisis:

1. End the freebies to illegal aliens and their kin (no healthcare, education, food stamps, housing, loans, welfare, social benefits, etc)

2. Deport all the illegals

3. Institute E-Verify nationwide, shut down every business that will not comply

4. Any employer caught hiring illegals will lose his business license, will be arrested on sight and have all of his assets seized and returned to the ex employees who that employer had replaced with illegals as well as the American people. I don't care if they only hired one illegal, one is too many

5. End all corporate welfare and bailouts now, don't give these crooks a single dime. Let all of them go belly up. If they can't do business the right way I say screw them

6. Any CEO or CFO known to have taken part in this scam of shady loans to the American people will be arrested on sight, will be prosecuted to the fullest extent of the law and have all of their assets seized and returned to the American people. Same rule applies if you gave loans to illegals

7. End the outsourcing of our jobs now

8. End the free trade ripoff now

9. Give companies tax incentives for making products in the USA and keeping our jobs here

10. End our dependence on foreign crude by drilling in America and offshore. Please build some damn refineries

11. End the Iraq war, send our troops home and put them on the borders, militarize the border

12. End the welfare state and slash all welfare like programs

13. End pork barrell spending

14. Any politician who is an accomplice to this economic crisis should be immediately impeached and tried for treason

15. End all immigration for 20 years until we straighten this mess out

16. Appoint some cabinet members who's sole mission in life is to go after these corporate crooks with the long arm of the law.

That is my 16 step plan. I want justice for this country. Letting these crooks off the hook and letting them get paid in the process is a travesty of justice. We as the American people can't let them get away with this. If we did what these crooks did we'd all be in jail, yet they get bailed out. That's BS! We all need to contact Congress and demand them to stop this nonsense before we lose our country and demand real solutions, not continue to do the same damn thing over and over again and expect a different result. This is what happens when you let corporate criminals run the asylum.

Any of you watch Prison Break? Is what goes on in that show really that far fetched from what goes on in real life? Corporate America is the enemy here people, make no mistake about it.

Oh and one more thing to include in my plan. Paulson, Bernanke, Cox should have been fired like yesterday.

Originally Posted by dman1200

Oh and one more thing to include in my plan. Paulson, Bernanke, Cox should have been fired like yesterday.

ABSOLUTELY!!!!

Originally Posted by dman1200

I can't begin to tell you how much of an outrage this is. This country is no longer of the people, by the people and for the people, it is of the rich, by the rich and for the rich. It is of the criminal, by the criminal and for the criminal. I would rather every one of these multi-billion dollar get completely wiped out then to give them a single dime of my money. Bush is bailing out his rich fat cat buddies and he's trying to pass this as quick as possible before we find out about it and will spin it as being great for America.

.

AMEN BROTHER! I feel the same way. My family fell victim to these investment bank criminals and we dragged ourselves out from under it just in time and with no government financial bail outs. These criminals all deserve to lose everything and even spend some time in jail.

dman, I agree 100% of what you just said. This government just keeps flinging our money around with no consideration for the results. The people need to stand together and demand punishment and accountability, not bailouts. We are rapidly heading into a socialist government and the people are losing control of their own country.

This is a good time to hit Congress with a huge outcry to stop all and any benefits to the illegal aliens, and stop them from taking our jobs. We are in an economic crisis and we can't afford to support illegal aliens another day. Country first means just that, and both candidates, who are advocating for amnesty in the first days in office, need a big wake up call! We need to demand that the illegal aliens leave our country immediately.