$700 billion dollar bailout!
You wouldn’t need payday loans if you had a personal bailout, now would you? And, a 700 billion dollar bailout! Clearly a figure that is difficult to comprehend.
If you watched 60 minutes last week, you now have a clear picture of just how this bailout came to surface. The very ones getting bailed out are those who have steadily contributed to the crisis – seems unfair to give them government payday loans.
Where is the accountability? Where is the justice?
Should we, the American people, have to pay for the greedy misconduct of these banking institutions? The tax payer is going to have to pay for this 700 billion dollar bailout and what do we get in return? A worsening economy.
The banks are now tighter, which means businesses have a harder time with obtaining their loans, resulting in layoffs and or wage reductions. This, of course, results in less consumer purchases which hurts business and well, the merry-go-round goes round and round.
Just imagine
Now imagine if they would have split that 700 billion dollar bailout among the American taxpayers. I believe the figure came out to be something like 200k per household which would have changed the course of the economy significantly and reduced the need for payday loans. What would you have done with an extra 200k in the bank? Most of us would have payed off debts.
An iPhone, laptop, 53 inch HD plasma
I personally would have paid off my mortgage loans and my credit card debt and had 40k left over to invest as well as pick up a few things that i have been wanting for a long time, like an iPhone, laptop, and a 53 inch HD plasma, Oh YAA!
Yes, increased spending!
Assuming that most consumers would attempt to do the same, this would have lowered consumer debt, increased consumer spending, bailed out the banks, created new employment opportunities and so forth. Our economy could not have gotten a better kick in the pants, but instead the engineers of this bailout have done the contrary, leaving you and I with the bill.
My momma taught me . . .
My mother always taught me that there was no such thing as a free lunch and that is not what I am asking for. I always pay my bills and payday loans on time. However, it seems only fair to me that if the government expects me to pay for the mistakes of others, maybe they ought to think a little more about who they are bailing out.
I don’t see how this would equal out to 200k. There are 305 million or so Americans, divided by say 4 to make the number of households equals 76.25 million. Take that and divide the 787 billion, you get about 10k per household. If you took 76.25 mil time 200k you get 15.25 trillion. I think the U.S. national debt is only like 11 trillion, so I don’t see where 200k per household even comes close. Could someone tell me the numbers that were used to come up with this figure?