Most sources I find say that TARP will only cost about $25 billion, because most of the money is recouped as loans are repaid and interest is accrued.I'm not sure about the other bailout, because I haven't read enough about it yet, but my understanding is that it's actually $16.1 trillion. I'm not sure how much of it was loans, but I know some of that amount is in the form of very low interest loans (I think the interest was like .01% or something equally contemptible), so some of it will be repayed, but there likely won't be much interest accrued, unless I read the information wrong or something turns out to change.
With the slight adjustment and an assumed population of 307,006,550 (which is higher than when the bailout occurred)...Each American's share of the original cost of the bailout would be $54,721.96, which is a couple thousand dollars more than the average income of someone with a Master's Degree. The median household income in the US is $46,326.
I don't know all the final figures, Bret (thanks for the info), but the bailouts were and are a sick assault on America's poor and middle class in support of the banksters and Wall Street.
The assault on the poor and middle class wasn't the bailout, it's the deregulation that led to the collapse and subsequent demand for a bailout. All the Bush era deregulation got us was rich people gambling with the futures of the middle class and getting rich off it, whether they won through profit, or lost and got bailed out.You ignore the underlying events and choose only to focus on one thing the government did. What about the thousand things they didn't do to regulate the industry and prevent these well documented schemes from being unleashed on the American public?
If you believe in bailouts or stimulous. Advicate for bailouts via no income tax and/or income tax refund. For example, if the government had refunded the last 5 years of income tax to all Americans. Capping it at 60k or so. The country would be in better shape. Unemployed whould have had money to continue paying mortgage and other debt. People with no debt would have spent it stimulating the economy. Why pay the banks to stay in business long enough to foreclose on everyone. If there is a lack of liquidity in the market why didn't the governemnt just deposit money in to accounts? Just need one government agent to walk in, open a savings account, deposit 100 million or whatever they needed. Why buy stocks in the bank? Why give them loans with complicated contracts? Just deposit the money. If the bank does something stupid. Walking in a withdraw it. They wouldn't have given bonuses knowing we could just pull the money out. How about the stimulous money? Where did that stuff go? Green Jobs? Roads? That was a scam. It when to there friends.
Tom, take your meds.
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