FacebookTwitterGoogle+RedditEmail

The Real Cost of the Bailout

by KEVIN ZEESE

$7.6 trillion.

That is what Bloomberg reports has been committed on behalf of the American taxpayer to bailout America’s finance system. This includes spending by the Treasury, Federal Reserve and FDIC.

– The amount is equal to half the value of everything produced in the United States last year.

– It is $24,000 for every man, woman and child in America, that is nearly $100,000 for a family of four.

– It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan.

– It is enough money to pay off more than half the country’s mortgages, but bankruptcies have continued despite the bailout.

We do not even know where all of those funds have gone. The taxpayer is putting up a King’s ransom and not being told who is receiving it. We guarantee the debts of banks and are not being told what collateral is provided or who is receiving the funds. Before receiving the bailout funds, Treasury Secretary Paulsen promised transparency. But, Federal Reserve Chairman Bernanke says that such transparency would be “counterproductive.”

All of this money and yet foreclosures, bankruptcy and unemployment are all up; the stock market, consumer spending and housing prices are down. Pouring tax dollars into banks is not working.

We don’t know where the bottom is yet, see no evidence that the bailout is working and already, as Barry Ritholtz, author of “Bailout Nation,” points out, the bailout has cost more than Marshall Plan, Louisiana Purchase, moonshot, S&L bailout, Korean War, New Deal, the Iraq war, the Vietnam war, and NASA’s lifetime budget – COMBINED! In fact, the bailout is almost double:

– Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion

– Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion

– Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion

– S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion

– Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion

– The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)

– Invasion of Iraq: Cost: $551 billion, Inflation Adjusted Cost: $597 billion

-Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion

– NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion

You’d think for $7.7 trillion we’d get health care for all, tax relief or free college education! But Americans got none of that. Is this a wise use of tax dollars? Are there better ways to use this money? Will this trickle down approach work this time, even though it has failed in the past?

We’re doing two things:

First we are working to break the bailout. Join us at BreakTheBailout.com and pledge to help Break the Bailout. On December 7, we take the first step toward taking back our economy and transforming it into an economy that puts the people’s interests first. Pledge today and help build a movement that will stop the top down trickled down Wall Street economics and build the economy from the bottom up.

Second, we will be putting forward a Prosperity Agenda – a vision of what kind of economy America should have and then we will be advocating for it. We would like your thoughts on what you want out of the economy. We are a crossroads where a new energy economy is going to be developed. How should it be different than the current economy? Give me your thoughts at KZeese@earthlink.net.

Acting alone, we can achieve nothing; acting together, we can change everything. We need to act together because change is urgently needed.

 

 

 

 

 

 

More articles by:

Kevin Zeese is an organizer at Popular Resistance.

Weekend Edition
January 19, 2018
Friday - Sunday
Paul Street
Dr. King’s Long Assassination
David Roediger
A House is Not a Hole: (Not) Caring about What Trump Says
George Burchett
How the CIA Tried to Bribe Wilfred Burchett
Mike Whitney
Trump’s Plan B for Syria: Occupation and Intimidation
Michael Hudson – Charles Goodhart
Could/Should Jubilee Debt Cancellations be Reintroduced Today?
Marshall Auerback – Franklin C. Spinney
Boss Tweet’s Generals Already Run the Show
Andrew Levine
Remember, Democrats are Awful Too
James Bovard
Why Ruby Ridge Still Matters
Wilfred Burchett
The Bug Offensive
Brian Cloughley
Now Trump Menaces Pakistan
Ron Jacobs
Whiteness and Working Folks
Jeffrey St. Clair
The Keeper of Crazy Beats: Charlie Haden and Music as a Force of Liberation
Robert Fantina
Palestine and Israeli Recognition
Jan Oberg
The New US Syria “Strategy”, a Recipe For Continued Disaster
ADRIAN KUZMINSKI
The Return of the Repressed
Mel Gurtov
Dubious Partnership: The US and Saudi Arabia
Robert Fisk
The Next Kurdish War Looms on the Horizon
Lawrence Davidson
Contextualizing Sexual Harassment
Jeff Berg
Approaching Day Zero
Karl Grossman
Disaster Island
Thomas S. Harrington
What Nerve! In Catalonia They are Once Again Trying to Swear in the Coalition that Won the Most Votes
Pepe Escobar
Rome: A Eulogy
Robert Hunziker
Will Aliens Save Humanity?
Jonah Raskin
“Can’t Put the Pot Genie Back in the Bottle”: An Interview with CAL NORML’s Dale Gieringer
Stepan Hobza
Beckett, Ionesco, and Trump
Joseph Natoli
The ‘Worlding’ of the Party-less
Julia Stein
The Myths of Housing Policy
George Ochenski
Zinke’s Purge at Interior
Christopher Brauchli
How Trump Killed the Asterisk
Rosemary Mason - Colin Todhunter
Corporate Monopolies Will Accelerate the Globalisation of Bad Food, Poor Health and Environmental Catastrophe
Michael J. Sainato
U.S Prisons Are Ending In-Person Visits, Cutting Down On Reading Books
Michael Barker
Blame Game: Carillion or Capitalism?
Binoy Kampmark
The War on Plastic
Cindy Sheehan – Rick Sterling
Peace Should Be Integral to the Women’s March
Kevin Zeese - Margaret Flowers
No Foreign Bases!
Matthew Stevenson
Into Africa: Across the Boer Heartland to Pretoria
Joe Emersberger
What’s Going On in Ecuador? An Interview With Wladimir Iza
Clark T. Scott
1918, 1968, 2018: From Debs to Trump
Cesar Chelala
Women Pay a Grievous Price in Congo’s Conflict
Michael Welton
Secondly
Robert Koehler
The Wisdom of Mass Salvation
Seth Sandronsky
Misreading Edu-Reform 
Ann Garrison
Full-Spectrum Arrogance: US Bases Span the Globe
Louis Proyect
Morality Tales on the American Malaise: the Films of Rick Alverson
David Yearsley
Winston and Paddington: Marianelli’s Musical Bears
FacebookTwitterGoogle+RedditEmail