November 25, 2008
Bailouts, Banks, and Bull****
Someone better at high finance than I am has run the numbers and the current bailout-a-looza is the single largest bill the US has paid.
Ever.
It beats the total cost of fighting World War II--including the Marshall Plan to rebuild Europe. It beats the lifetime cost of NASA. It absolutely overwhelms the total cost of Iraq, Vietnam and Korea together.
The root cause? Well-meaning but utterly idiotic legislation forcing lenders to assume higher risk to loan to people who couldn't otherwise afford a home. Because, after all, home ownership is a Right. The other factors all piled up on top of that single (Carter-era) premise.
And if the banks can't do it, the government will just have to buy them out and make it happen. Responsibilty? Bah, that's so nineteenth-century!
Ever.
It beats the total cost of fighting World War II--including the Marshall Plan to rebuild Europe. It beats the lifetime cost of NASA. It absolutely overwhelms the total cost of Iraq, Vietnam and Korea together.
The root cause? Well-meaning but utterly idiotic legislation forcing lenders to assume higher risk to loan to people who couldn't otherwise afford a home. Because, after all, home ownership is a Right. The other factors all piled up on top of that single (Carter-era) premise.
And if the banks can't do it, the government will just have to buy them out and make it happen. Responsibilty? Bah, that's so nineteenth-century!
Posted by: Douglas Oosting at
12:30 PM
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Posted to category: Creeping Socialism
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