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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (29635)9/25/2008 8:01:09 PM
From: TimF  Read Replies (1) of 71588
 
* $700 billion is more than four times the cost of the Savings & Loan bailout in the late ‘80s and early ‘90s.

I think that's only true in nominal rather than real terms. (And you think inflation has been even higher than has been reported, using Shadowstat's inflation figures it the cost might not even be higher in real terms let alone four times as high, but in my opinion it is higher)

And you have to consider the diference between prospective and retrospective costs
meganmcardle.theatlantic.com

But all that having been said, its still "massive", maybe even "staggeringly massive", depending on how easily staggered one is.

The other points

* As Dan Herszenhorn of the New York Times points out, $700 billion is “more than $2,000 for every man, woman child in the United States.”
* The bailout is roughly equal to what has been spent (so far) on the Iraq war, and more than a year’s annual budget for the Pentagon.

are correct

as is

"What’s worse, the terms of the bailout give the Fed and Treasury unprecedented power."

and

"The UK has banned shorting until January. Australia has banned shorting entirely. The SEC in the U.S. has temporarily banned shorting on nearly 800 financial stocks. Other countries are getting in the act, too.

This knee-jerk reaction to the crisis is utterly stupid and pig-headed."
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