How many trillions of dollars can we imagine?
I read an article by John Dyer of MSN Money last week and was surprised by the actual numbers people are throwing around. I have heard before that the human brain is actually incapable of truly understanding the concept of a "billion" anything. The number is so vast we can’t really compute the true amount. Well, put all that behind you now as we enter the realm of the "trillion".
According to the article the costs of the last eight years, or the Bush era as he put it, is somewhere around $11.5 trillion dollars if estimated liberally. Not that Bush is to blame for the entire amount, but facts are what facts are.
We have suffered lethal terrorists attacks, the Invasion of Iraq (weapons of mass destruction), floods, hurricanes, and finally the Wall Street meltdown (which is somehow your and my fault).
After the 9/11 attacks Washington pledged $22 billion to help rebuild Manhattan, and many people called for even more money. That was a lot of money...until October of 2008 when Congress appropriated $700 billion to rescue Wall Street’s financial sector from the greatest act of greed and incompetence ever witnessed anywhere on the planet.
I hope everyone is getting this...it was $700 billion dollars and now President elect Obama is demanding a stimulus packet that he claims will be $850 billion. Now we all know that any amount of money estimate made by the government is notoriously on the low side.
The new administration is already projecting to inherit a $1.2 trillion deficit from the Bush administration.
The next thing to be aware of is the Troubled Assets Relief Program (TARP). TARP is a program of the U. S. Government to purchase assets and equity from financial institutions in order to strengthen the financial sector. It is the largest component of the government’s measures in 2008 to address the subprime market...and so far it’s costs have exceeded $700 billion by purchasing worthless securities, giving failing banks cash, and bailing out Detroit. In my household we call that throwing good money after bad, but then again the government has no problem with that because it is your and my money.
The Treasury Department also gave $300 billion to guarantees for Citicorp while pouring another $200 billion in Freddie Mae or Mac or whichever one of those boondoggles needed more cash to support their pathetically sorry losses.
Keep in mind that Fannie Mae and Freddie Mac have a debt of more than $1 trillion dollars on notes they have underwritten, so there is another $800 billion debt yet to be answered for on those two alone.
Another federal rescue had the FDIC guaranteeing another $1.4 trillion in interbank loans; $300 billion for the Fair Housing Administration to insure fewer foreclosures; and a $150 billion dollar aid package for insurance giant American International Group.
Does the news get any better you ask? Nope. It does not.
We aren’t even sure how the Wall Street money is being spent. Did you get that? The Treasury Department has been reluctant to identity who is receiving the TARP funds, and the FED outright refuses to tell us who they are giving money to. They don’t think you and I need to know. They claim that it would undermine the health of the companies in question.
Are you freaking kidding me? Is anyone else losing their mind over this right now besides me? They are concerned that it will undermine the health of the companies in question? How insane is that statement? THE COMPANIES IN QUESTION HAVE ALL FAILED YOU IDIOTS!!! THAT IS WHY THEY ARE RECEIVING THE MONEY!
For some reason, and I have not figured it out yet, the country has been taken over by idiots and simpletons. The inmates are running the asylum and they have our checkbooks. Basically billions and billions of dollars are going out the door with no public knowledge of where the money is going.
The search for Osama Bin Ladin, who is still living high on the lam by the way, and the search for those ever elusive weapons of mass destruction in Iraq have costs us over $860 billion according to the most recent figures. But this figure does not include the loss of human life or the long term costs of helping all the injured veterans coming home from the war. A recent conservative estimate was around $3 trillion...yes trillion.
Surely we have managed to keep up with the spending with some form of increase in revenues you say? Nope. In fact in 2001 and 2003 Bushy signed legislation that cut taxes for the affluent. The estimated costs to the Treasury for the tax cuts is $1.7 trillion to date. Of course we didn’t care when taxes were going down, but now we face the tremendous budget gap to come.
Because we did not reduce spending while reducing taxes we have paid approximately $265 billion in interest on lost revenue...which makes the tax cuts really costs around $2 trillion dollars. Nobody could figure out that you shouldn’t cut taxes unless you are also going to cut spending. You know why? None of these people have any idea of concept of money. We have too many rich white guys running the show who have no idea how to balance a checkbook because they have never had to. Too many rich idiots in the federal government.
The numbers go on and on, and always up and up. I just don’t know if there is anything that can be done about any of it.
We have allowed our corporations to become so large and mismanaged that any possible failure on their part will cause a catastrophic result in our national economy.
That is why they should not be allowed to become so large. If a few companies can cause ruination of our financial system we had better figure out how to have more smaller companies, or learn how to control the greed,
Everyone can see the problem, we’re just not talking about it...or they aren’t, I am screaming it from my little perch. The root of this evil is greed, plain and simple. Too many rich people wanted to get richer and they didn’t mind cooking the books to do it. The lied, cheated, and stole to get their billions of dollars, and then they got caught. Now we are giving them more money so they can continue to lie, cheat and steal. God help us.
Our government has decided to bail out a bunch of thieves and crooks with our money. And to make it even worse, they don’t think you and I should know where the money is going.
I ask you, honestly, does anyone think that a clean sweep of both the house and the senate would be a bad idea? Does anyone believe that a fresh start with congressmen and senators who have never held office could be any worse? It could only be an improvement.
It is time for a change, on that I can agree with our new President. We need change in the worse way. Without it our very Nation is in peril. There must be a return to reason and fiscal responsibility. We must get control of this rampant spending before we are destroyed.
Who wants to run for Congress? Just pay the filing fee and put your name on the ballot, with the current election climate who knows, you just might win.