And now we will soon owe $700 billion, or far more in reality, more to foreign lenders because WE ARE BROKE and $13 TRILLION in debt now and can't cover the bailout ourselves. I'm not financially savvy enough to intelligently comment on this type thread, but since I, my kids, and their kids, and their kids, ad infinitum will be taxed through the nose to pay for this debacle I will anyway and risk showing my ignorance.
First of all, IMHO lenders who encouraged unqualified buyers to buy homes, luxury vehicles, and other properties they couldn't afford by offering sub prime rates should not have been bailed out by taxpaying people who are struggling to stay afloat themselves when they knew perfectly well that they were heading for a future collapse that would ultimately drive the US even deeper into insolvency. How on earth can anyone justify allowing execs of failed lenders to walk away from the disaster they created with tens of millions of dollars in their pockets when they are responsible for costing the taxpayers trillions of dollars that we don't have, and may have trouble getting from the usual overseas sources who must be close to the point of telling us to get our house in order or do without their help?
I don't know much about high finance, but even a fiscal dummy like me can see that this entire debacle and the government's response to it stinks to high heaven. Where was government oversight of banking and lending institutions when this was going on, it wasn't done in secret. I have to wonder how many in Congress and the Senate are also walking away from the debacle with pockets stuffed full of the green paper that the government still insists is money.
Any of you out there who may be in the banking business or who know a lot more about it that I obviously don't are more than welcome to try to educate me on the intricacies of high finance if you care to.
>I’m not financially savvy enough to intelligently comment on this type thread, but since I, my kids, and their kids, and their kids, ad infinitum will be taxed through the nose to pay for this debacle I will anyway and risk showing my ignorance.<
Where you will feel the most obvious difference may not be in tax increases but in denial of services due to your financial net worth. That’s another way of saying that you will have to pay a larger co-payment to receive something than previously.
Kind of like going to the hospital and learning that your bed costs you $400 a day plus your insurance premiums, while the illegal alien next to you is being treated for free. You have a house, two cars, a boat, a small hunting cabin in Colorado and a 401K while that poor man doesn’t have anything of value.
Or your Social Security payments will be $1000 a month while the other guy gets $1500 a month because you have a net worth of $800K. He only has his 6 year old Chevy. You can afford to maintain your lifestyle from your own assets, he can’t.
Instead of outright taking from you and giving to someone less fortunate that’s how it’ll work.