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$700,000,000,000.00

The world’s financial crisis is the result of greed, and an example of what happens when God, basic rights, and the common good are ignored.   -Inspired by Cardinal Tarcisio Bertone, Secretary of State for the Vatican

I don’t always agree with my Catholic friends, but this is one time I couldn’t agree more. 

There is plenty of blame to go around for the bill that was put into law today.

A couple days back I stated that it’s not just the bankers who took advantage of the system that are responsible for where we find ourselves.  We helped create this disaster.  For some perspective I looked up the following about what kind of debt we have already accumulated (Republicans, Democrats and everyone in between).

As of October 1, 2008, the national debt is $9,950,342,277,858.64 and only increases by $2.56 billion per day since September 28, 2007.

Politicians are promising us that this 700 billion is going to be recovered. 

My question is an obvious one: How about the 10 trillion we are already passing along to our children?

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  1. blaine bartel
    October 4, 2008 at 12:09 am

    The way our government can spend our hard earned cash never ceases to amaze me — i would personally like to deduct every single government employees salary each year that they fail to balance the budget!!

  2. October 4, 2008 at 12:28 am

    You can’t balance a budget without middle class taxes. With the continual slide of jobs going out and no green,, energy or infrastructure jobs here to keep the pace and the price hikes on everything due to energy prices we are left with one option and that is to raise the sales tax and luxury/sin taxes.

    That’s one way to get the money out of the wealthy hands. Every home in America in foreclosure should be rented, or financially restructured. Not only would it help with the home price drops but create a huge amount of new jobs in finance, property management and new taxpayers. You can throw money at wallstreet but that doesn’t solve the core issues. Jobs and energy independence will solve all the problems.

  3. kenstoll
    October 4, 2008 at 12:42 am

    I like Blaine’s idea. Puddy Dunne seems to have a solution or two—we are gonna need some. I certainly agree that throwing money at Wall Street is a lame solution. Energy independence looks more and more necasary for our economy to right itself. But we have to stop spending. I think the “rescue plan” was about politics obviously and it’s an attempt at a quick fix, that as you point out—are really no fixes at all.

    Ken

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