First, it was Bear Stearns, then it widened to AIG, Fannie Mae, and Freddie Mac. Then it expanded to the $700 billion bailout. Today, the Fed just approved American Express achieving bank status, which puts them next in line for Federal bailout money - money stolen from the average American citizen. Where will it end?
Welcome to the world where you will be raped for your money, which will subsequently be spent on bailing out private businesses that failed to make good business choices, making each of us more dependent on government support programs as proposed by President-elect Obama, which will cost more tax money, thus causing more people to become reliant on these programs, thus costing more tax money.... and it becomes a vicious cycle.
Here's the bottom line:
The 2007 United States Gross Domestic Product (GDP) was 11.5 trillion dollars. It will likely be lower in 2008 due to all of the financial crashes. Given that we've spent 17% of the 2007 Gross Domestic Product (which is a far higher number than actual tax revenues) on bailouts this year, this makes the coming numbers even more scary. In 2007, the Federal Government collected less than $2.5 trillion in taxes. This means that 80% of our taxpayer dollars in 2007 went towards these unconstitutional bailouts. What about everything else? This money pit of a war? Education? Roads? Only half a billion to cover it? Hardly. The fact is, it doesn't matter if Obama, McCain, or Mickey Mouse is President, we have a Federal spending budget that outsizes the tax income of the US. The announced 2008 spending budget, which does not include the wars in Iraq or Afghanistan, or the bailouts, is $2.9 trillion. Once we figure in the current Bailout costs, at nearly $1.7 trillion, and the annual war costs of approximately $70 billion, we now have a Federal spending for 2008 at roughly $4.67 trillion. This means that the Federal Government is currently spending 161% of the annual tax revenue - and this is a tax revenue that is already costing the average American way too much.
Who can afford that? I sure as hell can't.
Kids, we're in the roller coaster, it's crested the first hill, and now we're just along for the ride until it's over. Nobody alive can stop this thing. We can only hope it's a short ride, and that whoever we see at the end of it knows how to stop it.
This is bigger than the President-elect. This is bigger than any of us. This is the beginning of a global economic crash that will only serve to thrust the entire world into poverty. Hang on to your hats, ladies and gentlemen. It's going to be a wild ride.