If you didn’t like reading about A.I.G. brokers getting millions in bonuses after their company — 80 percent of which is owned by U.S. taxpayers — racked up the biggest quarterly loss in the history of the Milky Way Galaxy, you’re really not going to like the bank bailout plan to be rolled out soon by the Obama team. That plan will begin by using up the $250 billion or so left in TARP funds to start removing the toxic assets from the banks. But ultimately, to get the scale of bank repair we need, it will likely require some $750 billion more.
That according to Thomas Friedman of the New York Times.
Add to that the president’s budget just unveiled:
“From the standpoint of the Congress, there’s only so much that we can absorb and do at one time,” Sen. Daniel Inouye (D-Hawaii), the chairman of the Appropriations Committee, told POLITICO Tuesday.
From the standpoint of the taxpayers we may have already exceeded the common sense limit….
President Obama urged more speed just yesterday for his next budget: a $3.6 trillion beheamouth.
That doesn’t include all the health care money Obama wants by a long shot:
Health care overhaul may cost another $1.5 trillion or more
Obama’s budget doesn’t yet fully address the climate change measures he wants: Cha-ching:
Obama climate plan could cost $2 trillion
And, although the president said he wouldn’t think of fixing everything, he did say, “The cost of our health care is too high to ignore. The dependence on oil is too dangerous to ignore. Our education deficit is growing too wide to ignore.” Don’t forget education. And on and on.
We must have money for energy, education, health care and climate but, sorry, we are short on defense and veterans and other things….
And the economy has yet to rebound and might need more speedy stimulus.