Its going to be a chain reaction of financial collapse and bankruptcies... Finally, when it is all over, we could dump the corrupt fractional reserve counterfeit money system and embrace a Full Reserve Banking System
Heres what I dont understand. The gov wants to help financial institutions to avoid a market crash, and the problem seems to be to many loans being forfieted on and the loss of revenue in the market. So the gov decides to bailout the banks by giving them $$. This is a gov for the people. It is our gov's job to help the people, not corps or banks. Why not put that money towards fed support for people in need of help to avoid losing there homes, or faulting on student loans? That way your helping the people, and the banks are getting there money, two birds with one stone.
They just spent 700million on a embassy in iraq, the most expensive embassy america has ever built... omg
i read somewhere it was over seven trillion, but you think that's bad, this is catastrophic. 30 trillion of the world's total wealth simply vanished into thin air last year http://www.marketoracle.co.uk/Article7923.html
No government is "for the people" and that includes ours. The government is run by the elite who tend to take care of themselves first. Most of the elite come from a financial industry so they used the bailout to make a series of sweet-heart deals. The bailout is scam.
One small silver lining is that we are in a deflationary spiral so there may be some room for the spending before inflation takes its toll.
The US is looking at a $2 trillion budget deficit for 2009. Germany failed to sell a full batch of government bonds at auction today and was forced to print money to cover the deficit. Europe appears to be in worse shape han the US. Britain's public debt will explode to almost 70% of GDP. http://www.telegraph.co.uk/finance/...fails-and-British-debt-hits-danger-level.html