We’re told that this bailout will cost us $700 billion (and maybe as much as $1 trillion). Even setting aside the very significant moral hazard created by such a bailout, we simply can’t afford it.
Here’s a little breakdown you won’t hear from our politicians:
700 billion dollars is over $2,300 per person! (700 billion/population of 300 million) And that’s not per taxpayer, that is for every person in the country from from my eight year old sister to your retired grandmother, and everyone in between.
Would the politicians dare support the bailout if every family of four in the country had to come up with a check for over nine thousand dollars? Not a chance.
But somehow when they put it on our collective credit card it makes sense? Give me a break!