Saturday, November 15, 2008J.D. Tuccille
Remember when we were just bitching about a $700 billion bailout to favored banks in the financial industry? Well, break out your spare zeros. Forbes reports that the total is much, much higher -- and still growing.
Honestly, I'm starting to wonder if, having gotten away with mind-numbing outrages for decades, most of our political class is so jaded that they're doing all of this on a dare. "Hey guys! Let's throw a few hundred billion more at my brother-in-law and see if that starts a revolution. Nancy! I bet you my private island that they sit still for it."
For all the fury over Treasury Secretary Henry Paulson's $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government's response to the credit crisis.
According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.
I wonder what would happen if we marched on D.C., decorated the lampposts with the politicos who couldn't catch the last flight, and then defaulted on all that debt.