What is Digg?375 Comments
- paperclipsNsoup, on 09/25/2008, -2/+377Lets do a little math*
$85B to Freddi Mac & Fannie Mae
+$25B to Auto makers
+$700B to AIG
--------------------------
$810B, to bail out companies (Not included in the budget)
+$546B budget deficit
--------------------------
$1.356T. This doesn't include interest rates on the $9T we already owe.
300M Americans / $1.356T = $4,520 per person on top of taxes, not including other unknown expenses/interest rates.
Then there may be an additional $500B for the treasury
That's just for this year. There is still more than +$9T left.
That made me a little depressed
*Sources, I love sources*
http://www.reuters.com/article/bondsNews/idUSN1645 ...
http://money.cnn.com/2008/09/24/news/economy/house ...
http://www.huffingtonpost.com/bob-greenstein/risin ...
*** Deficits may be larger than they appear. *** - chase001, on 09/25/2008, -2/+208We are being robbed.
- doople, on 09/26/2008, -2/+108Here's an idea (albeit one that will probably get me dugg down). Let's let the lending companies who practiced risky investing pay the price of risky investing. And as for the people who spent money they didn't have and worked up bad credit, then took out loans for homes they couldn't afford and then defaulted on them, let em hang. My family and I have always been responsible with our money, never bought ***** we couldn't afford and let it roll over on credit card after credit card, and waited plenty long before actually purchasing a home, and when we did, it was something we knew we could afford. Now we get to pay the price for other people's financial irresponsibility? ***** that, seriously. I know this bailout is supposed to help people, but how about people who help themselves? How long do they have to carry everyone else?
- treehugger87, on 09/25/2008, -17/+121I have a better idea. Why don't we give the poorest 50 million Americans $24,000 each. They could make a few mortgage payments, pay off their credit cards and home equity loans and pay off their cars. Talk about an ownership society. We would all actually own the stuff we have, the banks would get their money (in the form of paid off credit cards & mortgages) and the AIG executives can all go sob in a corner because they ONLY made $41 million last year.
- elbm, on 09/25/2008, -1/+84For that kinda money a reach around would be nice while I am getting ............
- latrosicarius, on 09/26/2008, -3/+83NO NO NO NO NO BAILOUTS, CONGRESS.
I'M TELLING YOU CONGRESS: DON'T ***** DO IT. - callmebwana, on 09/25/2008, -3/+68China has cut our credit line.
http://www.reuters.com/article/marketsNews/idUSPEK ... - NegativeDigg, on 09/26/2008, -1/+58Pulson wants to take take the world ransom for 1 Trillion dollars!
http://img442.imageshack.us/img442/9404/mediumdrev ...
yeah i suck at photoshop... - reparsed, on 09/26/2008, -0/+46They're gonna reach around and take the change outta your front pockets.
- latrosicarius, on 09/26/2008, -0/+36You should not divide by 300m americans. Not everyone pays taxes. (and no, I'm not trying to bring illegal immigration into this -- I'm talking, like babies and *****)
- hydroplane, on 09/25/2008, -0/+34Sure, since it seems we pulling numbers out of our asses how about a chillion vagillion dollars to pay for crooks and failed ideas to keep doing the same damn thing over. Full speed ahead Titanic!
- dirtmonkey, on 09/26/2008, -2/+31::secret back room:: BANKS: Holy ***** guys they went for it!! Now think we can get any more out of em while the purse is open? ::cheers:: lets go for it!!
And children are still dying on the streets. God Bless America. - wtfhacksDan, on 09/26/2008, -0/+29Ever get the feeling you're being cheated?
- seks03, on 09/25/2008, -1/+30This is Bull *****! what should we be paying for this *****... this isn't taxation its robbery plan and simple
- jukz, on 09/26/2008, -0/+28Just a correction. The $85B is for AIG, not Fannie and Freddie.
The $700B+ is for buying junk asset's at overpriced value from the financial industry. - Betrayal, on 09/26/2008, -1/+29A little while ago 1billion $ seemed like much. Then some more 10 or 20 billions burned in a few weeks for the iraq war. Poof. Now king George is talking about 700+ billions or even trillions like it was nothing. I guess it is nothing worth soon.
- N1tro, on 09/26/2008, -0/+24Great break down, let me dust of my epson and print you up a $5,000 bill, that's all the government is doing why cant i?
- mscalisi, on 09/26/2008, -2/+26No no no no....we LOANED the money to the poorest people who GAVE it to all the rich people up stream. The poor people are left with a house they're forced to walk away from losing anything they may have put into it.
- Jynx97, on 09/26/2008, -0/+24Our country rewards those who fail. This situation only reinforces the fact.
The unbelievable part to me is, these "key financial institutions" have been milked dry by the crooked and greedy.
I need to start seeing fat cats going to jail. - DarKnyht, on 09/26/2008, -1/+22Here are some reasons why:
HBO or Showtime (can't remember which) did a documentary once where they gave a homeless guy a million dollars. When it was all gone, he ended up worse than he started.
Most wealthy people that give "gifts" to their children end up hurting them more than helping them by making them more dependent on gifts from the giver (from Millionare Next Door).
Most people that win the lottery end up going broke. http://articles.moneycentral.msn.com/SavingandDebt ... Giving away free money from the government is the same as winning the lottery.
And most importantly, handouts from the government doesn't teach people to be self-reliant. It teaches them to be reliant on the government and others. Personally, I don't want to be reliant on anyone and don't want to force anyone else into that situation. What low income families need are lessons in budgeting and fiscal responsibility, education to rise from their situation, and hope that they will not be dependent on the charity of the government to survive. - inactive, on 09/26/2008, -2/+23they are privatizing the treasury with no oversight allowed from now on
- abajaj2280, on 09/26/2008, -1/+22I seriously don't feel comfortable with $1.2 trillion being given to the banking system at once.
Especially when the people handling this transaction are the incompetent people who got us in this situation in the first place. - Hillsfar, on 09/26/2008, -2/+22Mark my words:
None of the bail-outs will save our economy. None of it. The problem is much, much bigger. - regeya, on 09/26/2008, -0/+19Apostrophe's are not decoration's
Anti-intellectualism will die with the Neocon movement's death...I hope. - eeclark, on 09/26/2008, -14/+33RON PAUL
RON PAUL
RON PAUL
If Ron Paul was president this sort of thing never would have happened. - groo68, on 09/26/2008, -1/+18Im lower middle class, we spent 15000 in less than a month on a loan. we can pay it back, but it just shows that money can go no where fast. no one should get money from the government, the banks should take a hit, credit should die, and maybe the dollar can become stronger from it. Or weaker if the theory that fiat money wouldn't exist without debt is true.
- BloodWenis, on 09/26/2008, -4/+20Gold Bullion and firearms....all my monthly investments are going to straight to gold bullion and firearms.
P.S. Ron Paul, Ron Paul, Ron Paul. - abrasion, on 09/26/2008, -4/+20Look, I agree that bailing out the fatcats with tax payer money is stupid and bad for inflation and the dollar but even the suggestion of giving the poorest 50,000,000 Americans cash is lunacy.
Do you know what would happen? how much would be gambled or spent on kids toys or blown on wallmart plastic junk imported from China?
Not all poor people can help being poor, not all poor people are stupid but a lot of them are and couldn't manage money to save themselves.
"LERLENE, WE DUN JUST GOT $24,000 - DO WE PAY THE LOAN OR BUY A NEW RIDE ON MOWER AND LOWER MAH V8 PICKUP TRUCK...." - Dumbledorito, on 09/26/2008, -0/+15Don't worry: Much like spending for Iraq and Afghanistan/Pakistan military adventures, Bush isn't counting this money in the budget, so it's not real.
/sticks fingers in ears for fear of being deafened by civilization crashing down. - ginestony, on 09/26/2008, -2/+17I'm not paying it. Send me to jail.
- S5S5S5, on 09/26/2008, -1/+16Um, try 1.8 trillion!
http://digg.com/business_finance/Bailout_Tab_Curre ... - deleo, on 09/26/2008, -12/+26I can't believe how many Obama supporting Diggers are bashing this deal. I am an Obama supporter. This is not a bailout. The Government is buying securities that cannot be sold today because the market for them is not solvent. But they are worth something. These mortgage backed securities are combinations of every home loan out there. Only 5% of mortgages are in default. But the other 95% are good. The Gov't can set a floor for these securities and sell them back over time. The Gov't could actually end up making money on these securities. So it is not a check into some black hole to bail out Wall Street. It is buying assets that should ultimately be worth right around what the Gov't is paying for them.
The only group that objects to this is a rebel band of house republicans. Everyone else thinks it makes sense. Why? Because if the Gov't doesn't buy these securities the credit markets are going to freeze up (in a matter of days, not weeks). Home Loans, Student Loans, Business Loans, Auto Loans, Small Business Loans, all gone. Not less then they are today, they will be finished. That's the story, that's where we are today. If this deal doesn't pass get ready for a depression. Bush got us into this mess, so did McCain, they both suck, but doing nothing right now will lead us right over the cliff, no joke. - gestalt, on 09/26/2008, -8/+21*****!
Think of the inflation that would cause. I suggest reading about pre-WWII Germany before you start advocating giving away money in some dumb-ass, Bush-esque "stimulus" package.
When everyone (or even just a large fraction of everyone) gets free money, that money immediately becomes worth less than it was originally. - GyroTech, on 09/26/2008, -0/+13Actually, government-owned businesses is far closer to communism than capitalism. In capitalism all the bad businesses would have been allowed to fail and all the greedy fools that thought they could borrowlend more than they should would be punished. That punishment would, hopefully, be the incentive for other companiesconsumers to be more careful with their money.
As it stands, businesses can get by with dodgy practices as they like and not have to worry about ever having to actually make good on their debt - further worsening the situation. - NSResponder, on 09/26/2008, -0/+13I'm with you. People have to deal with their own losses. Sucks to be them, but losing money in a highly leveraged investment (like an overpriced house, or derivatives) isn't a license to pick someone else's pocket.
The basic principle here, is that there is nothing that is wrong for an individual to do, that becomes right when a collective like the government does it. My shares were down today, but that doesn't entitle me to steal that amount of money from my neighbor.
-jcr - Ipexx, on 09/26/2008, -1/+14Stop taxing so much of my pay check. I work two job.
- LilRabbitFooFoo, on 09/26/2008, -0/+12They DID. They don't anymore. They played the long game while we kept grafting the short game. Guess who's winning?
- thetedster180, on 09/26/2008, -0/+12I'm moving to the Netherlands. Who's with me?
- samimnot, on 09/26/2008, -1/+12From the first moment I heard that $700Billion figure...I knew it wouldn't cover "HALF" the amount needed!
This is nothing more than the Richest 1% of Americans BLEEDING the remaining 99% of American's for every last drop of blood they can... - korvan504521, on 09/26/2008, -0/+11no no no, you RAISE a pick up.
- eryximachus, on 09/26/2008, -0/+11You really don't know much about economics or government do you? We don't need banks to have a housing market. The best housing in this country was built back in the days when banks only gave you 50% of the value of a home.
What happened during the depression? Prices fell. Sellers financed. What happened in the 1970s? Seller financing. - topgigmedia, on 09/26/2008, -2/+13I agree that babies do not pay, but I know a few ***** out there that actually pay their taxes.
- WoollyMittens, on 09/26/2008, -3/+13N1tro? That's not exactly true. It's not the government that prints the $5000 bill out of thin air. It's the Federal Reserve, which is a private bank owned by international bankers. It's neither federal nor a reserve though.
This 700billion is a new debt on the american people and government imposed by a private bank against interest out of nothing. Even if you do manage to pay this private bank back 700 billion, you will still owe that bank the interest on it. This interest is money that simply doesn't exist, so you'll borrow it from the Federal Reserve.
The result of this will be more money going into circulation, every dollar of which banks will happily loan out 9 times using fractional reserve banking, causing rampant inflation. Inflation is a hidden tax, that affects mainly the poor people.
The USA is enslaving itself to a private company. - GliTCH82, on 09/26/2008, -0/+10I'll be honest, I really don't understand economics, and I don't understand how anyone can expect for us to lend money to ourselves and somehow magically everything gets better. At this rate a Whopper will be 10 bucks in a couple of years. And ***** it all, I really like Whoppers.
- Sparky9292, on 09/26/2008, -0/+10I just hope that the executives who green lit these screwy home loans don't get away with large golden parachutes. FAT CHANCE. :(
- fishshogun, on 09/26/2008, -0/+10lets incorporate and become a needy corporation.
- Wangeye, on 09/26/2008, -0/+10I don't feel comfortable giving $1.2 trillion to anybody, at any time, ever.
- Stochio, on 09/26/2008, -2/+11If it is expected to make a profit, then it wouldn't exist. Think about it.
- doople, on 09/26/2008, -0/+9There's 300 million people in the US. Give each a million, that's 3x10^14 dollars.
Ladies and gentle, I present Exhibit A: The reason why people buy homes they can't afford. Math. - roodammy44, on 09/26/2008, -0/+9@9bpm9:
I really don't think you understand economics.
These a *junk* debts. They're not going to make interest, they're going to lose a lot of money.
This money tied up in mortgage debt didn't exist in the first place in anything other than the *potential* that poor people with huge houses and no equity will continue to pay for them.
The debts that your tax dollars are paying for are probably worth 30% of what you paid for, not 110% like you suggest. -
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