Where in the world are our bailout dollars going?
Filed under: Ripoffs and Scams
Early in November, I wrote about the $700 billion bailout, which was actually part of a much larger bailout plan that many taxpayers were ignorant to, totaling about $2.5 trillion at the time. The new tally is up to $8.5 trillion, according to information posted by Bloomberg late last month.For those who might have missed the details, I'll say it again: The tab for the various bailouts taxpayers are funding is now up to at least $8.5 trillion. There is a laundry list of beneficiaries of this extreme act of charity by the taxpayers. We're spending $5.5 trillion in the financial markets. The Federal Deposit Insurance Corporation (FDIC) is spending $1.5 trillion. The Treasury's TARP and other programs total $1.1 trillion. The Federal Housing Administration (FHA) is spending a measly $300 billion.
There comes a point when the numbers become so large that consumers can no longer grasp the true magnitude of them. $8.5 trillion is over 60% of our entire nation's Gross Domestic Product in 2007. Think of what that money can buy. If you want to be truly sickened, check out this list of what just $1 trillion can buy.
Or look at it this way... With just over 300 million Americans alive today, our government has just spent over $28,000 for every single man, woman, and child alive in our great country. I think I need a bailout to pay for my piece of the bailout. How about you?
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
Reader Comments (Page 1 of 1)
12-19-2008 @ 9:10AM
Jamie K. Boguslaw said...
Unbelievable this country doesn't care about the middle class apparently. All I can say is I hope Barak Obama can fix this now don't get me wrong I not to much into politics but 28,000 bucks per U.S. human beings. That is truly Unbelievable.
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12-20-2008 @ 10:41PM
Shawn said...
Perhaps you should be supporting the FOIA suit that Fox Business Channel has filed against the Federal Reserve to get some answers to the questions you ask!
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2-10-2009 @ 2:52PM
Gretchen said...
I have run some numbers and I figured that if the Government gave the taxpayers $1 Trillion of these dollars, the average working American (between the ages of 20-64) would receive approximately $7000.00. Just think of how much money would be given back to the economy to bailout The Big 3 Automakers, banks, and other financial institutions.
If you give the money to the companies, then some of them are still being paid by American citizens. They are getting paid twice for on bill.
The government should not own any part of any banking or financial institution. The largest employer right now is the government. This should never happen.
This is the land of the Free and the home of the Brave. Be Brave and tell them to Free our money and give it back to us and let us bail out the companies and take some of the burden off of our, the taxpayers, backs.
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