So far, American citizens have been forced to provide financial institutions with nearly $2 trillion in additional bailouts. This brings the total of current U.S. banking capital to some $3.6 trillion, still less than half of the potential problem, leaving a massive $4.4 trillion shortfall. In light of this, even noted bearish economist Nouriel Roubini’s estimate of a $3.6 trillion shortfall appears to be too optimistic. FULL ARTICLE
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14 comments ↓
I don’t get how this can be considered profit when they get billions taken by force from taxpayers. I guess thieves are generally profitable, no?
I had a young woodworking apprentice working in my shop. One day, he told me he was through, had decided to enter college and take pre-law.
I asked him what brought this on so suddenly.
His answer? “I figure I’m as entitled to legalized robbery as anyone else.”
I guess that pretty well summed it up.
Uh. $3.6 Trillion?
I went to CNNMoney.com Economy List of Bailouts and found a list of all the Bailouts beginning in December 2007.
The total Bailouts allocated so far sums up to $11.6 Trillion.
Bush sign on to $10.6 Trillion.
I looked up the current National Debt, added this total to the Bailouts, added the estimated $70 Trillion in long term liabilities then divided this huge sum by the population of the United States, and multiplied the figure by four to get the sum of what the average American family of four now is indebted for:
Sit down first:
About $1.25 million, about $1 million came on The Bush watch.
Got any ideas about how you are going to pay that million and a quarter? Or you going to let your children and your grandchildren worry about it?
What has it cost Bush? And his partners in crime?
Cliff – I tried finding that info on cnn, but couldn’t. Do you have the link for it?
Frank. Here is the link. Clilff
http://money.cnn.com/news/specials/storysupplement/bailout_scorecard/
Every dollar that is given to these banks – these poorly run, and poorly managed banks that can’t figure out how to turn a profit and run a successful business – must be taken from other people under the threat of force.
period.
I question whether they are poorly run and poorly managed. I tend to think they are running a Ponzi scheme in cahoots with the rich and powerful where the Government gives them cover while the money in the U S is re-distributed from the have less people to the have more people.
Anybody notice the shift of funds? And if you went to the link I furnished a couple of comments above, you will see that under the Bush Administration $10.6 Trillion ( 10,600 Billion ) in bailouts to these obscenely wealthy concerns have been allocated. Obama’s allocations are getting close to a Trillion.
Any Financial Institutions that can bring in this much revenue can’t be all that dumb about managing their cash flow.
They might be poorly run, they might be running a scheme. some are probably the former, and others are the latter. Either way, the bottom line is the same, they shouldn’t be in business , and they shouldn’t be getting our money to keep them afloat.
I posted this in another article, but it probably belongs here even more.
I don’t remember which sage said it, “God must love the poor, he made so many of them.” But the Captains of Industry (Robber Barons) and the Neocons are right in God’s corner on this one. A huge populace of desperate people whose families are facing starvation and homelessness are good fodder. They will work longer for less, accept humiliation, be obsequious and fearful. This suits the Oligarchy to the ground. I imagine they expend some thought towards keeping a balance, a shred of hope out there, so the poor don’t finally decide they have had enough and rise up to smite them hip and thigh.
There is very little left to share with the common folk of America, and the government is making sure that most of that goes to the wealthiest of the wealthy, with a scattering of pocket change to the poor to keep them quiet. Sort of reminds me of John D. Rockefeller, the richest man of his time, sitting on a bench in the park handing out dimes to passers by. The papers remarked on how generous he was.
As Cindy said, the people have been immersed in bullshit and horseshit for so long thay no longer notice the taste and smell.
Steve, I think you make a great point, that government is making sure that what’s left goes right to the wealthy. I get the impression more and more every day that all the regulations and laws and rules and “protections” that come out of DC only have rhetoric that says it’s good for us, but the botom line is quite different – it all benefits the richest of the rich. I’d rather be done with the federal government than what we have now.
Remember, the people who are running the show are billion and trillionaires who would steal the pennies off a dead man’s eyes or take a bottle from a starving baby without blinking an eye, because we are just trash to be exploited, probably not even human, to them, just work droids. Use ‘em up and throw them away. There’s lots more where they come from.
Guess you guys noticed that AIG is taking their most recent bailout and paying out $165 million in bonuses with it.
Please don’t shoot the monitor!
Its only a messenger.
When I was younger, I used to wonder how, say in England, important people went to the headsman’s block, made a nice speech and laid their heads down for the blow. When the Germans were still perfecting their extermination methods, I couldn’t understand why no Jew grabbed his two guards and jumped into the flames to take a couple with him before the shot was fired into the back of his head.
I think I’m beginning to understand. Things eventually get to a point where you stop caring and just want it to be over.
I’m starting to feel that way about the raping, pillaging and burning of the American Populace. Just get it over with, I’m tired.
You might have a good point there, Steve. It seems no one resists unless it affects them personally. But, as we all know, if we wait for that to happen, no one will be left to defend us.
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