TAXPAYERS ON THE HOOK FOR TRILLIONS IN BANK BAILOUTS
By Schuyler ThorpeAuthor and Political Activist
When Bush said that the Iraq war would only cost taxpayers $50B back in 2003; he should’ve grabbed Cheney’s crystal ball and fast-forwarded the real amount of the conflict by a factor of 3000; by presenting the American public in 2008 with a staggering bill that will reach anywhere between $1.3 trillion dollars and $3.2 trillion. (The latter used as a safety-net in the event that a future President Sara Palin decides to stick it out in Iraq on the likelihood that John McCain kicks the bucket prematurely during his first and only term in office.)
So when the media and the government tells the people that we are only going to be on the “hook” for as little as $25 billion to $50 billion, I wouldn’t be cashing in your chips just yet.
The true staggering amount that the government will have to bail out one major institution after is far retching than just a small paltry amount revolving comfortably around the $25B or $50B number in retrospect.
Many of the banking institutions and mortgage lenders hold trillions of dollars in holdings, liens, and treasury notes–which are being sucked down the hole of debt created by the foreclosure market meltdown.
Do you honestly think that both the mortgage industry and the banking institution–which has been deregulated by the Republican Party these last 8 years or more–will only be slapping each one of us lightly with pitiful amounts of accrued debt by the time all this mess is sorted out and taken care of?
Dream on.
The American taxpayer is going to be screwed up the ass over the next couple of years or so–depending on how long this foreclosure crisis lasts–and be stiffed for hundreds of billions in higher taxes; just to cover the huge losses incurred by the mortgage industry and possible trillions tacked on by the failing banking system–as each major bank falls prey to sour and bad loans.
Then we have the credit crisis which has yet to be addressed. And when that costly endeavor is over too…?
There may not be much of an America left to by cheap beer with anymore.
Schuyler Thorpe is an author, a political activist, and a frequent letter writer to The Everett Herald of Snohomish County. He can be reached at: starchildalpha1 at yahoo.com
Labels: bailout, Federal Reserve Bank, foreclosure crisis, Iraq, media, President Bush, tax payers
posted by Schuyler Thorpe @ 2:50 PM
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