The bailout

I don’t have time (due to client needs) to write anything of worth on the issue of the giant Wall-Street bailout that is being considered, but I will say one really obvious thing… 

$700,000,000,000 – Amount of money requested for the bailout (since we have a budget deficit though, the number is much bigger because we must factor in the interest paid to borrow that much money)

305,254,057 – population of the US according to the US Census at the time of this blog post

$2,293.17 – Amount of money per US resident that the bailout will cost (not counting the cost of borrowing the money)

This is insanity. What we need is not a bailout of the rich and powerful but rather a redistribution of wealth from the rich and powerful. Every person on the Forbes 400 List makes at least ONE BILLION DOLLARS. I think we should start with them. It is immoral for any one person to have that much wealth when others don’t have enough.

6 thoughts on “The bailout”

  1. I think the Earth has shifted on its axis: I totally support the House Republicans in stopping the crazy Paulson/Dodd plan. No agreement with them on the alternative, of course — the planet is NOT spinning into the next galaxy!

  2. I am also glad the Republicans have chosen to slow down instead of a quick fix.

    Why is it you never blog about the T. Boone Pickens plan?

  3. I would swiftly pay twice that to prevent an inevitable financial catastrophe. And I am not someone who has a lot of money lying around. I think the bailout is utterly disgusting, but a necessary response to government actions that have for over a decade ignored free market principles. I hope they’ve learned their lesson. And the Bush administration is not off the hook for that, in my book.

  4. Hi Lisa,

    I need to study them in more detail.

    My initial thought is that using natural gas for energy is a win-win deal for Oklahoma (since we have so much natural gas), but probably not a good long-term solution as it is another non-renewable form of energy.

    It is definitely do-able though. An old friend rigged his van up to run on CNG and it ran great. The only problem was that long trips were out of the question since there aren’t enough stations that sell CNG.

  5. Summer,

    I got 2 beefs with the bailout. One I think we’ll agree on, the other one we likely won’t.

    1. The amount of money is absurdly high and will actually be much higher since we’ll have to go in debt to get the money. (in other words, if you’re in trouble because of debt, borrowing a lot more seems like a bad idea)

    2. The money will mostly favor the rich. – I don’t buy the idea of trickle down economics. Certainly the economy affects everyone, but I think the real economy of poor and middle class folks tanked a long time ago, and this bailout once fix that economy.

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