BUSH & THE FED WILL GIVE $1 TRILLION OF YOUR MONEY
Posted by PrestoPundit on 09/19/2008
to the rich in order to “save” the financial system, a financial system Bush and the Fed did pretty much nothing to put in order over the last eight years.
American hasn’t been governed this incompetently since the time of Hoover and Roosevelt. But the level of corruption is unprecedented.
Deroy Murdock has more on the costs of the Bush bailouts:
The $200 billion federal bailout of Fannie Mae and Freddie Mac has
given Washington control of some $5 trillion in home-mortgage debt.
Roughly half of Americans now live, essentially, in public housing.
The nationalization of American Insurance Group puts Uncle Sam in
charge of 80 percent of the nation’s largest insurance company. Cost:
$85 billion ..
This month’s brutish government intrusions arrive atop July’s $300
billion bailout to refinance home mortgages up to $729,750 in value.
This legislation has yielded a grotesque spectacle: the 34.7 percent of
households that rent dwellings, and thus lack home equity, are
subsidizing those who own homes that renters cannot afford. This
program lifts the prices of those properties even more beyond reach,
while further draining renters’ pockets. This makes down payments that
much tougher to accumulate.
The feds coughed up $29 billion in March to unplug Bear Stearns and
sell it to J.P Morgan Chase. Bear was deemed “too big to fail,” thus
paradoxically requiring its federal euthanasia. Nevertheless,
much-larger Lehman Brothers ($59 billion in sales last year vs. Bear’s
$16 billion) was allowed to declare bankruptcy and sell itself to
Barclay’s Bank. Still, taxpayers are reimbursing Chase $87 billion for
covering some dodgy Lehman transactions.
Washington also has racked up some $200 billion in outstanding loans to banks through the Fed’s Term Auction Facility.
And don’t forget January’s $168 billion “stimulus” package ..
And this on top of the bi-partisan legacy of socialism for the affluent during the Bush years:
Last May’s $307 billion agricultural bailout will pump taxpayer
dollars into the pockets of farmers, many with multi-million-dollar
incomes augmented by record high prices for many crops. These subsidies
further fatten consumers’ grocery bills. In addition, 2002’s five-year
farm fiasco cost $190 billion.
The 2003 Medicare Drug Plan will cost $783 billion through 2018 to
airdrop pharmaceutical benefits on all Americans over 65, regardless of
personal wealth, and even if they already have health insurance,
including drug coverage.