Federal Reserve Chairman Ben Bernanke told Congress Tuesday the government should pay more than "fire-sale" prices for the toxic assets it would acquire under a proposed $700 billion bailout plan. That could mean both higher initial costs for taxpayers and reduced returns when the assets are later resold.
America is run by morons.
US Debt:
before crisis:
$5000000000000 (5 trillion)
taking over Fannie + Freddie:
$5000000000000 (5 trillion) backed up by 4 trillion mortgages declining double digits year over year
800 000 000 000 (800 billion) for banking bail out
150 000 000 000 (150 billion, loans for AIG, FNM FRE, BSC)
500 000 000 000 (500 billion, Bush govt budget deficit only for 2008)
7.5 trillion / 300 million people = $25000 a person or about $100 000 per family
Tuesday, September 23, 2008
This is the first buyer in the world that wants to PAY MORE and says so UPFRONT (updated)
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