If we made money on the Trillion Dollar Bank Bailout, why did we still run a $1.3 trillion deficit?
It has been recently reported the goverment made money on the Trillion Dollar Bank Bailout. Where did the other $13,000 / US household go?
Actually, we doubled our total deficit at the Federal level from 6 to about 13 trillion. We are issuing massive amounts of bonds and the interest is going to the big banks that are buying the bonds. And the banks ponzied up until they had to seek protection. When they stopped lending, the government stopped taking in so much money and the debt ballooned. Had we never had the ponzi government spending would have been more reasoned, but we paid for two wars and many entitlements. I am for entitlements as a buffer against bank abuses, and the bank bondholders should take major haircuts. Until that happens I am against budget cuts to people who did not cause the ponzi housing crisis, and believe me it was a scam doomed to failure. And the scamsters, the central banks, knew it would fail!
I am so freaked out by our deficit, that I try not to think about it because it is so high, what can I do? It is absolutely ridiculous and we keep spending and spending.
I'm freaked out too, duffsmom. $13,000 per household per year projected additional debt for the next several years is hard to fathom. The accumulated $13 trillion as bgamall accurately mentioned amounts to $130,000 per household!
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