I want my $17 TRILLION of bailout money back, gorramit.

POSTED BY: SignyM
UPDATED: Saturday, March 14, 2026 00:52
VIEWED: 4169
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SIGNYM

Tuesday, October 13, 2009 7:47 PM

As it turns out, the total exposure of us... the middle class... to the bailout is not $700 billion. Nosiree. I was set straight by a recent article that the current exposure is more like $17 trillion. TRILLION. That includes the $700 billion in TARP money, a $1.4 trillion "loan" (gift) to AIG and Citigroup, $1 trillion "Public Private Investment Fund" program to encourage the purchase of toxic assets at 6:1, a $1.8 trillion Commercial Paper Funding Facility, $450 billion Money Market Investor Funding Facility, $940 billion in Federal contributions to the FDIC (which nornally is funded by the banks themselves) plus another $684 billion in backing, $4.4 billion in "general backing" of financial firms, the $2.2 billion purchase of Freddie Mac and Fannie Mae, and $905 billion into international markets and $881 billion into domestic markets. (I hope I haven't forgotten anything!)

Gorramit, this is a shitload of money!!!!

We could have PAID for all of the defaulting mortgages with money to spare! But instead, we wound up trying to staunch the hemmorrhage of every single investor's funny-money, which they multiplied eightfold each time it crossed the boundary between one firm and another.

Looking at it another way, this money could have created 25 MILLION jobs for the next ten years, paying $70,000 to each and every employee. THATS MORE THAN THE SUM TOTAL OF OUR ENTIRE UNEMPLOYMENT OF 15 MILLION!

Sheesh!!!!!!!!!!!!!!!

Am I the only one who thinks there's something really screwy with this???

FREMDFIRMA

Tuesday, October 13, 2009 8:00 PM

Nope.

We're prettymuch all thinkin it.

Even those who won't ADMIT it.

-F

DAVESHAYNE

Tuesday, October 13, 2009 8:03 PM

Quote:
Originally posted by SignyM:
Looking at it another way, this money could have created 25 MILLION jobs for the next ten years, paying $70,000 to each and every employee. THATS MORE THAN THE SUM TOTAL OF OUR ENTIRE UNEMPLOYMENT OF 15 MILLION!

But that would be socialism. We can't have that.

David

'Begone, sugar-free candy antichrist!' - Nathan Rabin.

'Geeks can't admit that anything worthwhile was invented before 1981. Soon, "making cocoa" will be called "milk hacking."' - Lore Sjoberg

http://xkcd.com/386/

"Don't worry. Captain Hammer will save us." - Penny.

I has myspace - http://www.myspace.com/daveshayneforpresident

PERFESSERGEE

Tuesday, October 13, 2009 8:07 PM

Amen. This is organized insanity, as in the definition of insanity of doing the same thing over and over again and expecting a different outcome than you got every other time. Or maybe it's disorganized insanity, being so scattershot all over the place, but either way, shovelling huge amounts of money to the people who just screwed you is raving looney tunes.

perfessergee

CHRISISALL

Tuesday, October 13, 2009 8:08 PM

Quote:
Originally posted by daveshayne:
But that would be socialism. We can't have that.

Yes we could. We do. Well, some corporations do.

Economics is just a game we all accept the rules of.

Chrisisall, on the gold Standard.

The laughing Chrisisall

SIGNYM

Tuesday, October 13, 2009 8:08 PM

So, let's start organizing

CHRISISALL

Tuesday, October 13, 2009 8:12 PM

Barter, anyone?
I'll milk your cows one day a week for 6 hours; you let me keep 3 gallons.

The laughing Chrisisall

DREAMTROVE

Tuesday, October 13, 2009 8:22 PM

Yeah, Sig, you forgot something: The bailout money to the Auto Industry that used that money to move operations overseas. Yeah, that new GM that's gonna come out for $4,000 won't be available here, it will only be available local to their brand new plant in China.

(change I can believe in, but then again, I'm a very cynical person )

JONGSSTRAW

Tuesday, October 13, 2009 8:40 PM

Quote:
Originally posted by SignyM:
As it turns out, the total exposure of us... the middle class... to the bailout is not $700 billion. Nosiree. I was set straight by a recent article that the current exposure is more like $17 trillion. TRILLION. That includes the $700 billion in TARP money, a $1.4 trillion "loan" (gift) to AIG and Citigroup, $1 trillion "Public Private Investment Fund" program to encourage the purchase of toxic assets at 6:1, a $1.8 trillion Commercial Paper Funding Facility, $450 billion Money Market Investor Funding Facility, $940 billion in Federal contributions to the FDIC (which nornally is funded by the banks themselves) plus another $684 billion in backing, $4.4 billion in "general backing" of financial firms, the $2.2 billion purchase of Freddie Mac and Fannie Mae, and $905 billion into international markets and $881 billion into domestic markets. (I hope I haven't forgotten anything!)

Gorramit, this is a shitload of money!!!!

We could have PAID for all of the defaulting mortgages with money to spare! But instead, we wound up trying to staunch the hemmorrhage of every single investor's funny-money, which they multiplied eightfold each time it crossed the boundary between one firm and another.

Looking at it another way, this money could have created 25 MILLION jobs for the next ten years, paying $70,000 to each and every employee. THATS MORE THAN THE SUM TOTAL OF OUR ENTIRE UNEMPLOYMENT OF 15 MILLION!

Sheesh!!!!!!!!!!!!!!!

Am I the only one who thinks there's something really screwy with this???

Why you so upset Signy? This is what you wanted, right? Funny, but you seem now to be in some weird agreement with Tea-Party protestors, only without the inherent racism I suppose. Or did you just see Mickey Moore's new film & get all worked up?

SIGNYM

Tuesday, October 13, 2009 9:33 PM

Jong, IF YOU HAD BEEN READING MY POSTS- which is clear that you HAVEN'T- I've been against the bailout almost since it started. I just got the total damages, isall. So, as our Governator has said (in a movie) Fuck you, asshole.

In any case, our FIRST priority should be to get a healthcare overhaul that has us someplace other than stuck to the soles of the insurance industries' shoes. I have a bumpersticker that says

MAX BAUCUS, INSURANCE SHILL
Boot his a$$ off the Hill.

Want one???

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