Bailout’s cost too hard to swallow
The Wall Street Bankers did not want regulation as long as they were making money. Now that they are in trouble, they want to change the system.
Bingo! Here’s the plan. Heads, the Wall Street Bankers win. Tails, the taxpayers lose. This appears to be the solution our current leaders are coming up with. It looks like the taxpayers will own the problem at the cost of $700 billion plus. It’s hard to imagine that kind of money, but it would pay for five million houses at $140,000 each.
Don’t let the Wall Street gurus fool you when they say that we will be able to sell the assets behind the bad debt and come out looking like roses. If the assets came to anywhere near the debt, there would be no problem.
How do we come up with this kind of money? Each man, woman and child owes at least $2,300 just for the Wall Street bailout, not including the trillions of debt for the Iraq War.
An increase in taxes on the very rich who benefited from the system? No, we will just charge it to our grandchildren.
Lorraine A. Keith