Price Of Freedom

Saturday, January 17, 2009

Which Billion will be the last straw?


There's an old Arab proverb about a camel that was going to carry a load of straw across the desert. But his master thought he could carry more, so he just kept adding straw. A little at a time of course. Then a little more. (Because straw doesn't weigh that much at all, right?) Until finally, he'd added so much straw to the load that the camel couldn't even move.

Is our government doing the same thing to our economy? All in the name of saving it?
Fannie Mae and Freddie Mac were first. Estimated final cost? $25 to $140 Billion. http://mises.org/story/3062 Next came AIG. $85 Billion.
http://fskrealityguide.blogspot.com/2008/09/how-much-did-aig-bailout-cost-you.html
Bear Sterns collapse and subsequent JP Morgan buyout. $55 Billion.
http://www.globalresearch.ca/index.php?context=va&aid=8974
When the government got tired of giving out "petty cash" in rushed Hank Paulson and "God save us" President Bush, scaring the American people into believing if we didn't give Wall St $700 Billion by next Monday (September 22nd), our economy would collapse. It failed to pass the first time because a majority of the American public was against it, but in the end, over the will of the people, it finally passed the senate on 1 October, (with...by the way...our economy still chugging along) Of course, since Washington took an extra week to pass it, another $150 billion was added...which paid for such economy saving emergencies like film and television subsidies, wooden arrows for children in Oregon, Exxon Valdez spill litigants, (remember that? Had to look it up. It happened March 24, 1989) Virgin Island and Puerto Rican Rum, auto racing tracks, on and on.....blah, blah, blah.....blah, blah....blah, blah...
http://www.marketoracle.co.uk/atricle6689.html
Paulson then took a couple of weeks to figure out who to give the first half too (without the economy collapsing) and of course, three months later, no one really seems to know where it all went. http://stocks.about.com/b/2008/12/24/where-did-350-billion-go.htmwhere that money went.
Now the government is getting ready to release the last part TARP (Trouble Asset Relief Program), with a promise, "this time I swear!!!" of better oversight, better accounting, blah, blah, blah...and this time they'll make sure banks use it to purchase bad mortgages and stop foreclosures instead of using the money to buy up other banks. http://online.wsj.com/article/SB123205759811587287.html
If you haven't been counting, we're up to 1.15 Trillion dollars, and when President-elect Obama becomes President Obama, one of the first things he wants to sign into law is a second stimulus package that could cost as much as $850 billion. http://www.france24.com/en/20081222-us-obama-extends-job-creation-target-new-stimulus-package
Whew....someone check my math, but rounding down to 300 million US citizens, isn't that about $6000 a piece? Rounding down again to even....200 million taxpayers...that's $9000 per citizen.

I could rant and rail some more. But what is the point? Washington won't listen. They don't care about you. They know in two, or four, or six more years, you will just re-elect them again no matter how badly they screw things up or how much of your money they spend. Because it's just another billion. The American taxpayer can handle it. And another. And another...and...

We're in for a change alright come next Tuesday, from Super Power to Super Bankrupt. Is that what you voted for?

Just asking. Hope you like rice and beans.

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