Showing posts with label bailout cost. Show all posts
Showing posts with label bailout cost. Show all posts

Sunday, October 05, 2008


Banks are considering refusing to participate in the bailout and continuing instead to try to muddle through. I'd be hugely impressed by their dedication to the principles of free enterprise were it not for this:

But Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants.

One of the least attractive elements is a section designed to curb executive pay at banks that participate in the bail-out package. These include limiting stock-related pay and banning 'golden parachutes' for executives.

'I think this hodge-podge of regulations and rules will be enough to put many [chief executives] off participating,' Caldwell said.

Saturday, October 04, 2008


Isn't this duckie?
Here's one person's estimate of what Pelosi and her gang have wrought:$1.8 trillion of pork

Bailout type Cost to taxpayers (Source: Reuters)
Financial bailout package approved this week up to or more than $700 billion
Bear Stearns financing $29 billion
Fannie Mae and Freddie Mac nationalization $200 billion
AIG loan and nationalization $85 billion
Federal Housing Administration housing rescue bill $300 billion
Mortgage community grants $4 billion
JPMorgan Chase repayments $87 billion
Loans to banks via Fed's Term Auction Facility $200 billion+
Loans from Depression-era Exchange Stabilization Fund $50 billion
Purchases of mortgage securities by Fannie Mae and Freddie Mac $144 billion
POSSIBLE TOTAL $1.8 trillion+
NUMBER OF HOUSEHOLDS PER U.S. CENSUS 105,480,101
POSSIBLE COST PER HOUSEHOLD $17,064+

"We will not Christmas Tree this bill", our protector Chuck Schumer vowed last week. "Everyone wants something but they'll have to wait. This matter is too urgent."

Thank God for Senator Schumer. Our wallets would have been emptied by his peers otherwise.

Wednesday, October 01, 2008

OK, I'm a naive chump
Earlier this week I commented on the bailout bill having swelled from 3 to 107 pages and asked, "how large will it grow before final passage?" I predicted 350 pages and I'll say right here, I'm a fool. The present bill the Senate's having fun with is already 400 pages long and growing fatter by the minute. And oh, the presents they're piling under the Christmas tree! Ya want mental health care free from insurance companies? You got it - they've screwed consumers long enough. No tariff on wooden arrows so Oregonian kids parents can afford toys? Hey, that's what we're here for. A bridge - ya wanna bridge? Go ahead, take one.

If these charlatans won't act like there's a crisis why on earth should we believe that one exists? I've been leaning in this direction and now I'm sure: we should stop this bill in its tracks and pray to God that Congress will finally recess and go home, where they can do less harm.