Reckless, gluttonous, disgusting and shocking are only a few of the words that have been used this weekend to describe the amazing bailout of the financial sector. A “mere” $700 billion dollars is the latest figure being bantered about as the sum which will initially be used to liquify the sector. Unfortunately, it does not end there. Ponder this number again for a moment: $700,000,000,000.00.
Anyway you look at it, it is an enormous sum of money and the problem is that you and I will ultimately be responsible for the repayment. Of course this is on top of an already stretched deficit that will very soon balloon to at least $11.3 trillion if the bailout package is passed into law.