What will $700 Billion Buy?

[RedGlitter]

What Can You Buy For $700 Billion?

By Megan McGinley Tue 23 Sep 2008

While Secretary of State Hank Paulson pushes for the government to issue a $700 billion bailout, most of us in the media are still trying to comprehend just what that sum translates into.
For a better perspective on just how massive this bailout really is, check out Zephyr Teachout’s post yesterday on techPresident:

It is $140 billion more than has been spent on the Iraq war since the invasion.

It is $120 billion more than that spent on social security benefits.


It is almost 3 billion nonrefundable bus fares from Durham to San Francisco, leaving tomorrow.


It is nine times the amount spent on education in 2007.


It could pay for 2,000 McDonalds apple pies for every single American.

That’s a lot of pie. Here are some more numbers that we came up with to help you wrap your head around how much money $700 billion really is:
- It would reimburse banks, home owners, and local governments for nearly 9 million foreclosures
- It could prevent over 200 million foreclosures
- It could buy 8.6 billion monthly Metrocards
- The government could rebuild Katrina-ravished New Orleans and Gulf Coast … three and a half times
- Roughly 538 Yankee Stadiums could be built
- 5.4 million students could be sent to a public university
- It equals nearly 520 times the amount of Amtrak’s current operating budget
- It is $14 billion more than the U.S. spent during the Vietnam War

[oscar]

Gordon Brown is in America right now. Give Britain the $700 billion & you get to keep him.

[spot]

It's good for a 10% deposit on our Heir Apparent if that's more to your taste.

[oscar]

Originally Posted by spot

It's good for a 10% deposit on our Heir Apparent if that's more to your taste.

10% ? As much as that?

[chonsigirl]

It is nine times the amount spent on education in 2007.

That alone is worth spending the money-on education and not on a bail out.

[oscar]

Originally Posted by chonsigirl

That alone is worth spending the money-on education and not on a bail out.

Yes, i agree but the bailout is essential. Without buying toxic debts, the banks can't lend. If that happens, not only will fathers be throwing themselves off Wall Street buildings again but it will affect everything, including education & the homes that the kids live in. If their parents have lost their home because the banks called in the mortgage, no amount of education will help. It's an International Disaster not just for America. It has to be resolved & bailout is really the only way to go. I admire McCain for saying that the election campaign should be suspended to stay in Capital Hill to thrash things out. That seems the only way to go. I never thought i'd say it but i'm a little proud of Gordon Brown for his speech to the UN & although our own country is suffering, he is out in America offering another bailout package to Bush.

[chonsigirl]

I do not know about high finance, but I know my taxes will pay for their bail out. I would rather it was spent on the children.

I think this is a bad spiral, with more bail outs coming. Fanny Mae and them were only the beginning. I am just glad I do not put my savings into stocks.

[oscar]

Originally Posted by chonsigirl

I do not know about high finance, but I know my taxes will pay for their bail out. I would rather it was spent on the children.

I think this is a bad spiral, with more bail outs coming. Fanny Mae and them were only the beginning. I am just glad I do not put my savings into stocks.

I agree with everything you say but there just seems no other alternative than bailout. Every tax payer in America & Britain will bear the brunt of this bailout but it seems to me like having a rotton tooth. We don't like having it extracted but if we don't, the pain continue's. It will hurt alot of people but i really think that without bailout, it will cost more jobs, more tax's, higher mortgages etc. If the bailout proposal is sensible, then there should be no need for any more future bailouts.
Gordon Brown said in his speech to the UN, that confidence in the future is needed for confidence today. He also demanded International action to re-build financial systems to achieve long term stability. To get better government investment into education, no matter what, this financial crisis has to be resolved otherwise there will be no money to invest.

[Accountable]

Giving rich people more money simply because they squandered what they had does no more good than pouring extra water into a bucket that has a hole in it.

[oscar]

Originally Posted by Accountable

Giving rich people more money simply because they squandered what they had does no more good than pouring extra water into a bucket that has a hole in it.

It's not just the rich Accountable. This country has a "Credit Crunch" due to lenders showering folk with plastic & unreasonable credit limits that they haven't a hope in hell of re-paying, It's the banks fault at large by giving them this credit, it stems from greed because the interest rates on repayment are so high. having said that, no-one put a gun to these people's heads & forced them to go shopping on loan to the max. We have suicides being reported here where folk are swamped in debt because they have had their spending limit upped time & time again by greedy banks. We have bred a nation of reckless folk who can buy now pay later. Some are so dumb that they don't even look at the repayment interest. When they find themselves in trouble owing thousands, what do they do? Easy, go to court, get declared bancrupt & the government will write everything off if you have no assets to speak of. The banks are not getting their money back off the man in the street so interest rates are raised on decent tax paying folk.
I just want to point out without being smug Gordon Brown suspended a two day visit on Global issue's to fly straight to crisis talks with Bush. Where is France, Spain etc.?? Brown is the first to America offering another package for bail out from the UK. For once Gordon, you got something right.
This bail out is not just going to hurt America, it will hurt us as well. Brown has critics that say that while our own country is in the grip of folks losing homes, jobs being axed etc, he is flying out to Bush with more UK money. That's why America & Britain are a great team Remember the war doubters? Payback