You bail them out… I’m not!

So all of our representatives are busy scribbling down some 843 page law to bail Freddie, Fannie, AIG, Lehman, and grandma Ellis out of debt.  So where is this 700 billion dollars coming from? Is Congress simply opening up it’s desk drawer and pulling out its check book and writing all the above a nice tidy check? Or are they going to send out an “reverted stimulus check” (a bill) to you right before Christmas (or Haunuka, Kwanza, Festivus, Winter Solstice, or whatever you celebrate then)?

Well, my guess is that Congress has no little drawer with billions of dollar stacked up in it. After all, Congress is already spending more than what is coming in (National Debt is at 9.852 Trillion as of this post), so its not like they just have money sitting around. I doubt someone is going to charity 700 billion dollars, so that is out too. So, I guess that means that it is falling back on We the People!

Now, undoubtedly they are going to collect this money via taxes (your share of this is $6,000 I believe). But wouldn’t it be a treat if you didn’t have to pay taxes and pay for someone elses screw up? After all, is it your fault that all these businesses over-invested and then popped? My guess is, no it’s not.

So why do you pay taxes? Wouldn’t it be nice to be responsible for your own money? Well, what would you do if I told you – and showed you – that you don’t owe taxes? Like most, you would probably be too scared of “what the IRS will do to you.” Eh, have it your way, pay for someone elses bailout.

By looking at the current draft of this legislature, it should be eerily creepy. Section 8 of the three-page document, states: “Decisions by the Secretary [of the Treasury] pursuant to the authority of this act are non-reviewable and committed to agency discretion, and may not be reviewed in any court of law or any administrative agency.” May not be reviewed in any court? Great, now we just superceeded the law and thus making this “project” limitless. I don’t know about you, but I am petrified – not of this 700B bailout itself, but what this means for our governments role in our lives.

But, eh, what can I do to stop it? Nothing. so lets take a perspective look at this 700 billion.

“Let’s put this in perspective,” said Yeutter. “The U.S. Federal Government collected $2,568 billion in fiscal year 2007, while spending $2,730 billion, generating a total deficit of $162 billion. This proposal asks for more than 25 percent of last year’s collections. This is more than the government spent on defense ($549 billion), Social Security ($581 billion), or Medicare and Medicaid ($561 billion) last year. So we’re talking about ‘real money’ here.” (link)

What could 700 Billion also buy?

  • You could buy braces for everyone in Great Britain…..and France!
  • You could buy all 32 NFL teams – 27 times.
  • Gasoline for a year for every adult in America. (175 billion gallons of gas)
  • You could literally buy the world a Coke. One 2-liter bottle per week for a year.
  • You could buy a 60-inch HDTV for every man, woman and child in the U.S.
  • You could buy 7 Mac laptops for every school-age child in U.S.
  • Disney tickets – 18 (3-day) passes to Disney for the entire U.S. population
  • 10 four-year degrees from the University of Florida for every child under 18 in South Florida
  • You could buy 438 pounds of rice for every single person in Africa.
  • You could buy 400 trees for every one of the 7 million homes in the state of Florida



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