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 Namechange]

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 Namechange]

spot;998941 wrote: 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 Namechange]

chonsigirl;998980 wrote: 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 Namechange]

chonsigirl;999035 wrote: 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 Namechange]

Accountable;999597 wrote: 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 :-6:-6 Remember the war doubters? Payback

[Oscar Namechange]

We only have one bank --- OSCARS BANK. If we aint got it, we don't spend it.:-6

[Accountable]

oscar;999742 wrote: 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 :-6:-6 Remember the war doubters? PaybackPeople have made poor choices and this bailout is taking away the consequences of those choices ... for some, not all. For those who are escaping the consequences of their actions, the signal is clear: They are too big, too important, to fail. They can do whatever the hell they want, take as many risks as they want, and Uncle sam will bleed the cash cow (us) until the cash runs dry.



Those who made stupid choices and maxed out their credit cards without a way to pay should not be bailed out.



Those who made stupid choices and bought a house on a zero-down loan because they had zero to put down deserve to be foreclosed on and should not be bailed out.



Those who made stupid choices and offered zero-down and low-interest loans to people who had no prayer of making the payments should be saddled with the bad debts and bloated inventory and should not be bailed out.



Those who manipulated the law to allow the stupid loan choices to be made should be run out of town on a rail. If there is a law for legislative malpractice, they should be prosecuted for it.



If we're to take $700 billion of our hard-earned tax dollars and give it to millionaires to re-squander, I want to see at least 1% of that come from spending cuts ... real spending cuts, not simply canceling scheduled spending increases.

[Oscar Namechange]

Accountable;1000009 wrote: People have made poor choices and this bailout is taking away the consequences of those choices ... for some, not all. For those who are escaping the consequences of their actions, the signal is clear: They are too big, too important, to fail. They can do whatever the hell they want, take as many risks as they want, and Uncle sam will bleed the cash cow (us) until the cash runs dry.



Those who made stupid choices and maxed out their credit cards without a way to pay should not be bailed out.



Those who made stupid choices and bought a house on a zero-down loan because they had zero to put down deserve to be foreclosed on and should not be bailed out.



Those who made stupid choices and offered zero-down and low-interest loans to people who had no prayer of making the payments should be saddled with the bad debts and bloated inventory and should not be bailed out.



Those who manipulated the law to allow the stupid loan choices to be made should be run out of town on a rail. If there is a law for legislative malpractice, they should be prosecuted for it.



If we're to take $700 billion of our hard-earned tax dollars and give it to millionaires to re-squander, I want to see at least 1% of that come from spending cuts ... real spending cuts, not simply canceling scheduled spending increases. I totaly agree with everything you have said. Why should i pay more tax because my neighbour got greedy & can't pay it back? That's how we will all feel. Once the money men have been bailed out, government needs to get really tough on regulating. Not just the lenders but people who do overspend. They need to be made Accountable, not bailed out by a get out in the courts. Years ago, Britain sent bad debtors to jail. It was notorious, known as Newgate Jail i believe. Higher taxes will cripple many good folk who will lose their homes. That's just plain old, not fair but i see no other way to go other than bailout.

[Accountable]

oscar;1000063 wrote: I totaly agree with everything you have said. Why should i pay more tax because my neighbour got greedy & can't pay it back? That's how we will all feel. Once the money men have been bailed out, government needs to get really tough on regulating. Not just the lenders but people who do overspend. They need to be made Accountable, not bailed out by a get out in the courts. Years ago, Britain sent bad debtors to jail. It was notorious, known as Newgate Jail i believe. Higher taxes will cripple many good folk who will lose their homes. That's just plain old, not fair but i see no other way to go other than bailout.
We allow the failure to happen. Market forces will allow phoenix bank systems to rise from the ashes. American ingenuity and creativity will discover new ways to prosper (then eventually to abuse power and exploit workers, but hey, that's the cycle). The world will be a freer and better place, with a better appreciation that decisions have consequences.

[Oscar Namechange]

Accountable;1000074 wrote: We allow the failure to happen. Market forces will allow phoenix bank systems to rise from the ashes. American ingenuity and creativity will discover new ways to prosper (then eventually to abuse power and exploit workers, but hey, that's the cycle). The world will be a freer and better place, with a better appreciation that decisions have consequences. Again, your right. Did our money men & governments learn from the Wall Street Crash & The Great Depression of Britain. No. They did what you just said, rose from the ashes. In years to come under new governments, will they remember this mess? Probably not. As usual, the blame will lie at the feet of the present President or Prime Minister. This is why i'd be backing McCain. There needs to be experience to regulate & change the way the lenders gain power. Obama does not have enough experience or the balls in my opinion to get tough. If Obama gets in, Gordon Brown's decade as Chancellor of the Exchequer under Tony Blair will over power him. British government could be leading him, not working with him. ---- Disaster.

[Accountable]

I think Obama would simply keep AIG, Fanny, and Freddie as nationalized entities. He's said plainly that he wants gov't control of virtually everything.

[Oscar Namechange]

Accountable;1000115 wrote: I think Obama would simply keep AIG, Fanny, and Freddie as nationalized entities. He's said plainly that he wants gov't control of virtually everything.
Bad move. In Britain, we call that "The big brother" syndrome. Obama doesn't have the balls to go it alone & be accounted for. If he gets in & it all crashes around him, he'll blame AIG etc. I'm sure Biden has enough memory & experience to guide him but i think it will be a weak stance.

[Oscar Namechange]

It was announced that another British High Street bank, The Bradford & Bingley was on the point of collapse. I just hope their staff can speak Spanish. Gordon Brown has just announced he has sold The Bradford & Bingley to Spain. Will Brown's announcement that this will stop British Tax payers being hit, be right?

Hang on. ----- Brown flies to bush with more UK money for bailout. Next day, Brown sells British High Street bank chain to Europe. mmmm Interesting.