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  1. #1
    Terminator's Avatar
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    Chuck Schumer (D) wants to double the size of the financial bailout package. For those of you keeping score at home, that's 1.4 trillion

    WASHINGTON (Reuters) - An influential U.S. Senate Democrat said on Sunday a large economic stimulus package of up to $700 billion was needed to lift the American economy out of its current downturn.
    Sen. Charles Schumer, a New York Democrat who is part of the majority leadership team in the Senate, told ABC's "This Week" that an economic recovery package between $500 billion and $700 billion is needed and could be ready by the time President-elect Barack Obama takes office on January 20.
    "In my view it has to be between five and seven hundred billion dollars," Schumer said.

  2. #2
    mtaylor's Avatar
    mtaylor is offline "I dont feel the need to explain myself!"
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    We'll be paying this crap off until I'm ready to retire and I'm only 23.

  3. #3
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    I suggest Mr. Schumer pledge his own life savings to bailing out special interests, not mine.

    "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
    - Alexis de Tocqueville, Democracy in America

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  4. #4
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    Quote Originally Posted by countybear View Post
    I suggest Mr. Schumer pledge his own life savings to bailing out special interests, not mine.
    I second that!

  5. #5
    TXCharlie's Avatar
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    Quote Originally Posted by mtaylor View Post
    We'll be paying this crap off until I'm ready to retire and I'm only 23.
    I don't think we'll ever pay it off - We already had $10 Trillion that needs paying off!

    http://www.treasurydirect.gov/NP/BPD...application=np

    The Debt to the Penny and Who Holds It

    ( Debt Held by the Public vs. Intragovernmental Holdings )

    Current: 11/21/2008
    Debt Held by the Public: $6,393,775,797,295.81
    Intragovernmental Holdings: $4,261,692,851,682.26
    Total Public Debt Outstanding: $10,655,468,648,978.07


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  6. #6
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    So that would take us over 5 trillion total?

    As of Nov 18 CNBC had the financial crisis tab at $4.28 trillion dollars.

    Of course the total depends who you ask. For example :

    In doing the research for the "Bailout Nation" book, I needed a way to put the dollar amounts into proper historical perspective.

    If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars.

    People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

    Crunching the inflation adjusted numbers, we find the bailout has cost more than all of these big budget government expenditures – combined:

    • Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
    • Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
    • Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
    • S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
    • Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
    • The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
    • Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
    • Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
    • NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

    TOTAL: $3.92 trillion

  7. #7
    cajunguy's Avatar
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    Quote Originally Posted by Odd View Post

    Crunching the inflation adjusted numbers, we find the bailout has cost more than all of these big budget government expenditures – combined:

    • Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
    • Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
    • Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
    • S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
    • Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
    • The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
    • Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
    • Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
    • NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

    TOTAL: $3.92 trillion
    Hey, don't blame us. WE didn't sell it. That was done just a little before my time.

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    and Hell's afraid we'll take over!!"
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  8. #8
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    Quote Originally Posted by cajunguy View Post
    Hey, don't blame us. WE didn't sell it. That was done just a little before my time.

    .
    Certainly you would not suggest we sell it back to France?
    I'm your huckleberry...

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  9. #9
    Captain America's Avatar
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    The Louisiana purchase was the best investment ever by the federal government. The only problem I got with it is that land that rightly belongs to the state of of Louisiana was divided up among approx. 15 other states. We was robbed. I think we outta file suit and get what is entitled to us back. Rally around the flag , Swamp Mafia.
    SI VIS PACEM PARA BELLUM

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    -Ex-Sheriff Martin Howe to Will Kane in "High Noon"

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  10. #10
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    Quote Originally Posted by Captain America View Post
    The Louisiana purchase was the best investment ever by the federal government. The only problem I got with it is that land that rightly belongs to the state of of Louisiana was divided up among approx. 15 other states. We was robbed. I think we outta file suit and get what is entitled to us back. Rally around the flag , Swamp Mafia.
    I can relate. The Treaty of Guadalupe Hidalgo

    This is where we bought the Mexican Cession from Mexico in 1848 after the end of the Mexican-American war to the tune of $15 million. (Inflation Adjusted Cost $313 million, 2006)

    The Mexican Cession is comprised of all of present day California, Nevada, Utah and parts of Arizona, New Mexico, Colorado and Wyoming.

    Then we bought the Gadsden Purchase for an additional $10 million.


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