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Bailout Spending Of $9.7 Trillion Enough to Pay Off 90% Of All Mortgages

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The government's spending and pledges for bailouts will cost Americans $9.7 trillion - enough to pay off 90% of American's mortgages in this country. The government has gone out of control and they have used fear and ideology to push through the bankrupting of the United States with these so called "stimulus bills".

Let's put this another way that may show you the truth. Instead of paying off 90% of the mortgage in this country, the United States government has just added 90% of mortgage debts onto you. So if you owe $100,000 on your mortgage, well congratulations the government just added another $90,000 in debt that is owed by you and others. And if you don't own a house... well you have not escaped because that $90,000 extra in additional spending is split amongst all. It's just an example of the costs.

The article below also points out that the amount spent and pledged, $9.7 trillion just in the last two years, could have sent a check to every person on the planet for $1,430.

The most amazing thing is that there is no disclosure on where the majority of this money is going and if the current "stimulus" spending bill shows us anything, it is going to a bunch of worthless pet projects and other BS that won't stimulate anything but our "leaders" friends, their egos, their power and their bank accounts. And in the end you're going to pay for it, so have a nice day.


The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.

Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients’ names have not been disclosed.

“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”

Tipped by: Reader Lone Wolf

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Posted by Digger on February 9, 2009 04:18 PM (Permalink)

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