My question is: what, exactly, are we using to bail these companies out?
Where is it coming from?
This reminds me of an essay I wrote in 5th grade declaring we could fix poverty by printing more and more money until everybody had enough. OK, Treasury Secretary Paulson, how much paper will we need to print to fix this?
Seven hundred billion dollars! If you spread that out evenly over 300 million U.S. taxpayers, that’s about $2300 per person. The government needs to spend that much just to fix this problem, on top of the wars and the schools and all of the other things our government spends millions on every single day.
As people are pointing out, Senator Schumer suggested $150 billion. OK, that sounds a whole lot better in comparison, doesn’t it? Now we’re talking $500 for every man woman and child.
Which brings me back to my original question, what are we using to pay Paulson his billions? If this was ancient Rome, government appointed tax collectors would come to my door and make every attempt to pull that $1500 out of my hide (I have a wife and son, so it would be 500×3=1500). Maybe they wouldn’t get a roll of cash, but they’d settle for the big screen tv and my class ring.
If it went down like that, I wouldn’t have so many questions. I see where the money’s coming from. But under our system, who’s paying for it and how? Congress will just “sign off on it” and the mountains of cash will pour back into the investment banks.
And when that happens, won’t they just squander it again like they did last time?