$3000.00: The Amount Each American Man, Woman, and Child Will Borrow This Week to Bail Out Wall Street and International Investment Gamblers

$3,000.00

That’s the amount being taken out of each and every individual American’s pocket, counting children, and is being placed into the pockets of Wall Street investment gamblers.

Talk about socialism for the rich.

Can we at least get a thank you?

Here’s economist James Love on what just happened:

By some accounts, U.S. taxpayers will be borrowing more than $3,000 per capita to bail out banks, insurance companies and other investment firms. While the cost of the bailout will fall on U.S. taxpayers, the firms being bailed out are not entirely owned by U.S. shareholders. One feature of the bailout will be a transfer of wealth to foreign investors.

Did he just say “a transfer of wealth to foreign investors?”

Yes, he did.

In other words, there are people who are not even Americans—people from other countries—who will have money put in their pockets—at the expense of our pockets.

Could president Bush and John McCain explain again the benefits of deregulating the banking industry?

This whole scene reminds me of the looting of the Iraqi National Museum and presidential palaces after American occupation.

The administration, asleep at the wheel, allowed people to steal without policing. They had no plan, and just winged it.

And they’ve just done the same thing, and let the same thing happen, in the financial world.

$3,000.00.

Think about that—and what that means.

Because we don’t have it.

We’re actually borrowing it.

Which means we’ll be paying interest on it—and to the very people that we’re bailing out.

How ironic is that?

About Santi Tafarella

I teach writing and literature at Antelope Valley College in California.
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1 Response to $3000.00: The Amount Each American Man, Woman, and Child Will Borrow This Week to Bail Out Wall Street and International Investment Gamblers

  1. Joe says:

    The solution to the financial crisis does not reside on Wall Street, or in Washington D.C. It lives in the living rooms of the American people.

    The plan to get us out of this calamity is simple.

    Problem

    The banks, insurance agencies and brokerage houses cannot asses the value of their bonds because the falling housing values and the more that 5 million homeowners that will soon default on their mortgages. As they can’t assess their value, no one will purchase their bonds or any other financial products that the institution offers.

    Solution

    Reassess the value of the at-risk, Adjustable Rate Mortgages by reducing their value by 30% and refinancing the mortgages at a fixed rate of 6%. Anyone who took out an ARM loan in the past 4 years is eligible.

    This means:

    * The banks (IE., Wall Street) will absorb the loss and move on, now able to value their assets. If each of the 5,000,000 homeowners take an average of 30 percent off of their mortgage it will approximately cost Wall Street 500 billion dollars.
    * Treasury Secretary Paulson has asked for the authority to spend 1.2 Trillion dollars.
    * The Peoples Plan saves the country 700 billion dollars.
    * The 5 million at-risk homeowners will stay in their homes.
    * The tax payer won’t bail out the corporations.
    * Life will go on.

    Let us know what you think. If you are at risk of loosing your home let us know if this plan works for you.

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