What Does a 1 Trillion Dollar Bailout Look – Where is the Outrage?

  • September 21, 2008
  • Make Money Online, News
  • Comments Off on What Does a 1 Trillion Dollar Bailout Look – Where is the Outrage?

Does the current economic situation make you upset just a little bit? It boggles my mind that on the eve of a one trillion dollar bailout, that’s 1,000,000,000,000, there’s still wall to wall presidential election coverage on the 24 hour cable networks. This is the biggest rescue of the financial system since the Great Depression according to Barclays Capital Inc.’s Michael Pond and we’re still talking about lipstick on pigs? To give you an idea of what 1 trillion dollars looks like imagine if you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times before you ran out of dollar bills! One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills (100777.com). “The treasury on September 7th took over the mortgage-finance companies Fannie Mae and Freddie Mac, and said it would buy mortgage-backed debt in the open market. The Fed this week boosted its Treasury auctions to bond dealers by $25 billion, loaned $85 billion to the insurer AIG, and quadrupled the amount of dollars foreign central banks can auction to $247 billion. The deficit will soar to enormous proportions, said Lou Crandall, the chief economist at Wrightson ICAP LLC in Jersey City, New Jersey (http://www.bloomberg.com/apps/news?pid=20601087&sid=a.kAXACVdHTI&refer=home).” If this wasn’t horrible enough the CEO’s of the failed Fannie Mae and Freddie Mac will be leaving with a $24 million severance package, also paid for with our tax dollars. “$14.9 million for the former CEO of Freddie Mac and as much as $9.8 million for the former CEO of Fannie Mae (http://www.littlechicagoreview.com/pages/full_story?page_label=home&widget=full_story&content_instance_id=229377&open=& ).” Robert Willumstad of AIG is leaving with a cool $7 million exit package. Does this make any sense? Is this fair? People are losing there homes and life savings as I type and the CEOs of these companies are leaving with millions of dollars they don’t need. Why aren’t we more outraged over this?

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