Treasury Secretary Tim Geithner's planned "Son of TARP", also dubbed "TARP 2.0" bank bailout is rumored to be more than twice as expensive as the first round that was enacted in late Aught Eight. This is more evidence that the Mother of All Bailouts (MOAB) has no limits, and will not end until the the taxpayers are on the hook for decades of substantially higher taxes and not before the value of the Dollar is reduced to near fire-kindling status.
Thanks to Brandon S. for these two items that he spotted in the Alabama media: "Here is what happens when counties make poor financial decisions. Special Masters Recommend Non-User Fees to Pay Off Sewer Debt, and County commissioners [in a bankrupt county] fear for their safety and ask for off duty police officers to watch over them."
JHB sent this: [US] Federal obligations exceed world GDP: Does $65.5 trillion terrify anyone yet?
G.G. sent us this one from The Financial Times: Eurozone slump worst in 50 years
From D.D.: Ruined financiers committing desperate acts
Items from The Economatrix:
The Stimulus Bill Means to Us Here is a quote: "For the average
Joe Citizen, it doesn't look good: $13 per weekly paycheck (if you have
a job) and tax breaks that appear to be for
money for cars, houses and education. There's a few extra dollars for food
stamps, some Medicaid prop-up, some jobs...amazingly ineffective and not
ease the situation. Whoever said "anything is better than nothing" is
totally wrong in this case, considering the bill the taxpayers will end up
with." JWR Adds: Lest anyone deceive themselves,
any transfer of wealth orchestrated by government requires both a
recipient and an individual who's earnings are being expropriated. (See today's
Quote of the Day, from Kenneth W. Sollitt.) The money can't come out of thin
air. and when you consider the inherent inefficiency of government, this is
insult than direct theft. At least
sticks you up at gunpoint, there is the assurance that Mr. Badguy gets all
the money that you are handing over. But when the government gets involved
"fairness" racket, only about
50% of the tax funds reach the intended recipients. The rest is consumed
1 in 9 US Homes Vacant
The Coming Crisis: White Collar Homelessness
US Stocks Fall Again
US Auto Parts Industry Wants $18.5 Billion Rescue
Why Geithner's Bailout Plan Got a Bronx Cheer
Trillions? Get Ready for Quadrillion!
Projected Jobs Numbers Don't Quite Add Up
Geithner Faces Tough Debut at G-7 Meeting in Rome
Stocks Sink on Uncertainty of Stimulus Plan
S&P Heads to First Ever Quarterly of Negative Earnings
How to Invest When Stocks Aren't Going Anywhere
$100 Bills as Toilet Tissue?
Chrysler in a Crunch
Some Banks May End Up Nationalized, Analysts Say