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

Here's the Libertarian take on it. I know I know, Barr isn't our friend but I thought their numbers were worth repeating.


[quote]Dear American Taxpayer,

Like most Americans, I'm sure you were glued to the news about the "financial crisis" and the government's "fix" for the problem. You probably heard that the government was going to come in and save the mortgage industry by bailing out failing corporations. And, you probably heard both Barack Obama and John McCain say that this bailout was necessary, and good for the economy.

What you probably didn't hear was that it was going to cost up to $1 trillion dollars, and you are responsible for this money.

"American taxpayers will come up with the money," says the New York Times.

Such a number is hard to conceptualize if you're not the government. So, in order to show you just how much $1 trillion dollars really is, we've put together these figures:

One trillion dollars ($1,000,000,000,000) is enough money:

To buy everybody living in Los Angeles at least one Lamborghini Gallardo.
To buy 88,052, 394' custom mega yachts; enough to stretch around ¼ of the world.
To buy everyone living in Belize and Malta a Manhattan apartment.
To get half of the Democratic Party into a fundraiser for Barack Obama at the $28,500 admission price.
To give one out of every two men in the United States a Men's Presidential Rolex watch.
To buy every woman in the United States a Tiffany Diamond Starfish Pendant.
To get two Mitsubishi 73" HDTVs for every household in America.
To buy four copies of The Office: Season Four on DVD, to every person on earth.
To send everybody in America on an all-inclusive vacation to Tahiti (and some people can stay a few extra days).
AND…

$1 trillion is enough money for everyone in Buffalo, NY to buy their own 65-acre island in Panama.

This is how much the government is going to cost you (roughly $3,278 for every man, woman and child in the United States).

Barack Obama is for it. John McCain is for it.

But, Bob Barr and Libertarian Party are against it.

"No one voted to pour taxpayer funds into Wall Street," says Bob Barr, the Libertarian Party's presidential nominee, "and no one voted for the government to take over an insurance company. If the Federal Reserve can spend as much money as it desires to bail out any company that it desires, is there anything that it cannot do with taxpayer funds?â€

Guess people are already gearing up to fight this bailout. I just got this in my email.

No Welfare For The Rich
Click Below to Tell Congress NOT to Bail Out Firms at the Expense of Taxpayers:
www.capwiz.com/sicminc/issues/alert/?al ... 01&type=ML

ALERT: If you have friends or family who have never called or written to their elected officials before, you need to forward this message and let them know: now is the time.

The Washington and Wall Street establishments are conspiring to saddle you, your children, and even your great-grandchildren with TRILLIONS of dollars of worthless debt. This is socialism for the rich folks, and we only have DAYS to stop it.

As the New York Times reported this weekend, "The Bush administration on Saturday formally proposed a vast bailout of financial institutions in the United States, requesting unfettered authority for the Treasury Department to buy up to $700 billion in distressed mortgage-related assets from the private firms."


The proposal was short and simple: it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring "semiannual reports" to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.

The Times went on to report, "Congressional leaders are hoping to recess at the end of the week for the fall elections, after approving the bailout."

AFTER APPROVING THE BAILOUT -- in other words, after approving "unprecedented power, "no restrictions on the administration," and "unfettered authority" to drive the American economy down, take over nearly the entire mortgage industry, and saddle our descendants for decades or even centuries with an even WORSE economic situation.

We only have THIS WEEK to stop this boondoggle that will make every dollar left in your wallet worth less than it's ever been worth!

TAKE ACTION: Every American needs to take a stand and recognize the false arguments being put forward by the spin-doctors. Even if you accept the premise that "the government must take some action" -- it doesn't follow that the correct action is to save failed and corrupt institutions by saddling the American taxpayers with potentially trillions of dollars in bad debt.

We need to STOP this INSANE behavior on the part of our Congressmen and Senators, all in the name of "just doing SOMETHING." Please click below NOW to send a FREE message to your Representative and Senators, along with President Bush, demanding that they NOT bail out Wall Street investment firms, banks, and insurance companies at the expense of the American taxpayers:

www.capwiz.com/sicminc/issues/alert/?al ... 01&type=ML

William Greene, President
RightMarch.com

P.S.: If you want to make an even BIGGER impact, you can select to have your messages HAND-DELIVERED directly to your legislators' offices! You can also call them directly -- just look up their phone numbers here.

Be sure to send this Alert to EVERYONE you know who wants to help DEMAND that Congress NOT bail out Wall Street investment firms, banks, and insurance companies at the expense of the American taxpayers. Thank you!

Yep and there is a petition to sign here:

http://www.alipac.us/ftopict-132615.html

Last night, I asked someone to look over the bailout bill and they asked, "How are they going to regulate and enforce this"? I wonder what initalizing and regulating this will cost and how is it going to grow government? What are they going to cut from the budget to pay for this bailout boondoggle?

Dixie

It is all pretty SCARY!

bttt

I took action!

Originally Posted by Dixie

Last night, I asked someone to look over the bailout bill and they asked, "How are they going to regulate and enforce this"? I wonder what initalizing and regulating this will cost and how is it going to grow government? What are they going to cut from the budget to pay for this bailout boondoggle?

Dixie

The poor are out here struggling and going under and they want us to finance welfare for the rich!

Glenn Becks show goes into the real problem. It's scary because we are between a rock and a hard place. We were 5 trades from total melt down. A must see show.

(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.

Someone already said on TV that don't worry about who the next president will be, but worry about who will be the next Secretary of Treasury, as this is nothing more than another power grab for this administration.
Paulson is no dummy, and from what I have read, he really had to be talked into taking the secy. position, because it paid a lot less than his Goldman Sachs position as CEO and chairman.
Watching Paulson these days on TV, this man is STRESSED! And probably when he took the position he had no real idea of what the administration and those prior had already done to exacerbate the problem.