(no subject)
Total bail-outs is around $10.4 Trillion dollars, according to this presentation:
http://www.ritholtz.com/blog/2010/06/bailout-tally-report/
It's funny how no judge is trying to arrest the perpetrators of these massive financial frauds and massive taxpayer rescues. No one is suing. No one is clamouring for justice out there, trying to get officials impeached and bankers in jail. Many have caused as much harm to ordinary people as Bernie Madoff has.
My only hope is that a few years from now, a different Congress and a different President - or just ordinary citizens - will start hauling those directly responsible before judges.
Why do only a few connected individuals get to decide how to burden entire generations with so much debt that it is crushing.
People think of debt as something abstract, but it's real and it is a burden. I read somewhere once that NYC subway rides cost $2.25, and half of that is to pay for rides taken back in the 1970s - i.e. retirement costs for those who worked back then, pushed into the future. Imagine if previous admins and union officials didn't saddle current riders with such costs. That's how it is getting.
Imagine how things may be in about 5 years, when a quarter to a third of all Federal government revenue will go towards interest payments ONLY. Debts are a claim on our children's future. It sucks when they don't even have a say in it. That future is upon us now. Every governmental entity - local, state, national - is hitting debt saturation or getting very close to it.
Tell me your thoughts.