And We are Just Getting Started!
October 14, 2008
Our Congressman in Sunnyside is Doc Hastings. He voted against the big bailout twice. He exhibited some moral courage to defy his party leadership and stand on principle. We have a chance to re-elect him with ballots being mailed in Yakima County right now. Perhaps as soon as tomorrow you will receive yours. This is our chance to support candidates like Congressman Hastings who voted against the bailout. Make your voice heard. Vote!
The cost of the bailout keeps rising as the Federal Reserve keeps finding new aspects of the market for a government takeover. The banks are the latest casualties. The automakers may be next. In the meantime, see the figures below for a snapshot of the cost so far.
Here are some numbers from the Campaign For Liberty website:
| Bailout type | Cost to taxpayers (Source: Reuters) |
|---|---|
| Financial bailout package approved this week | up to or more than $700 billion |
| Bear Stearns financing | $29 billion |
| Fannie Mae and Freddie Mac nationalization | $200 billion |
| AIG loan and nationalization | $85 billion |
| Federal Housing Administration housing rescue bill | $300 billion |
| Mortgage community grants | $4 billion |
| JPMorgan Chase repayments | $87 billion |
| Loans to banks via Fed’s Term Auction Facility | $200 billion+ |
| Loans from Depression-era Exchange Stabilization Fund | $50 billion |
| Purchases of mortgage securities by Fannie/Freddie | $144 billion |
| POSSIBLE TOTAL | $1.8 trillion+ |
| NUMBER OF HOUSEHOLDS PER U.S. CENSUS | 105,480,101 |
| POSSIBLE COST PER HOUSEHOLD |
$17,064
|
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