Posted on 11/04/2009 9:35:20 AM PST by FromLori
On Sunday, CIT filed for bankruptcy, meaning that $2.3 billion in taxpayer money is probably lost.
That means that each American threw about $8 down the CIT rat hole.
Unfortunately, that could just be the start of losing big bucks on TARP "investments" in troubled financial companies.
We took the top ten bailout recipients, from AIG to PNC, and divided the amount Uncle Sam threw at them by the number of Americans (308.84 million and counting). Then we used a highly scientific guess to determine your chances of getting it back. It ain't pretty.
Here's How Much Each Bailout Cost You >
(Excerpt) Read more at businessinsider.com ...
If put into terms of “opportunity cost”, the loss to every individual is probably far in excess of that figure.
The overall decrease in size of the economy is probably a greater shrinkage than that, and much more pervasive than merely added expenditures.
As a rising tide lifts all ships, a falling tide strands a disproportionate number in its wake.
It also was a huge blow to Capitalism as a whole. Socializing those losses is not a Capitalist idea.
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