Monday, September 22, 2008

Fed rushes in...

Bailout Cost: $6K Per Taxpayer...Or Nothing at All?
The big news this weekend is Hank Paulson put a $700 billion price tag on a bailout package designed to prevent a financial market crisis from becoming an economic calamity.
Paulson's plan would require Congress to raise the U.S. debt limit to $11.3 trillion. Don't forget it was just in July when the debt limit was raised by $800 billion to $10.6 billion as a result of the Housing Bill. On that basis, the cost of the bailouts thus far is $1.5 trillion - and counting.
But the newly proposed $700 billion will probably just be a starting point.