Extract from today's Yahoo News. A mind boggling amount. Nonetheless, i believe the bailout will be passed.
Dont pass--> Very painful now (banks got no $ to lend so, economy is at a standstill. Affects the whole world)
Pass --> Slow pain down the road coz need time to put everything back to the right place (like paying installments for the bank's errors).
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Based on the U.S. Census Bureau's estimate of the current population of about 305 million people, each person would have to pay $2,300 to fund the $700,000,000,000. If each American (including children) paid a dollar a day, it would take more than six years to pay the money in full.
One might argue, however, that this $700 billion would be a modest splash in the bucket of national debt, which already stands at well over $9 trillion (which means you already owe $31,642 each).
Even the New York Yankees third baseman Alex Rodriguez would lose sleep over all those zeroes. Currently the top paid major league baseball player, Rodriguez takes home $28 million a year, meaning it would take 25,000 A-Rod salaries to carry the $700 billion.
Nobody is rich enough to pay back this $700 billion by himself. In fact, the Forbes 400 richest list recently came out. It would take most of what these 400 people collectively have - a combined net worth of $1.57 trillion - to dig out of this mess.
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Went to jb with yy today. She commented about the US financial meltdown in one short sentence.
"The US government shld ask our MM Lee how to solve".
It was such a profound statement.
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Arggggggggggh, I was so pissed that they passed this! There are so many other ways to go about this, not the least of which was leave it alone.
And there's always the study of other, very successful economies.
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