The Government Can’t Add
In perhaps the least surprising news ever, it turns out that government isn’t very good at the whole “private sector†thing.
Or adding, for that matter.
Specifically, the U.S. Treasury department purchased $176 billion worth of “Troubled Assets†as part of the Bush bailout … except they paid $254 billion for them.
Which in case you’re bad with math is $78 billion too much.
Not only that, the assets the Treasury purchased could end up being completely worthless.
So are we looking at $254 billion up in smoke?
In a word, “yes.â€
Not only did the Treasury overspend to buy these bogus “assets,†but banks have taken all that money and spent it on sporting venues or executive bonuses, instead of freeing up credit like they were supposed to.
Which means the first bailout (which again is only one slice of our government’s $10 trillion in interventionist boondoggling) is a bust, people.
And we’re now about to pour another $350 billion into that same sinkhole … to say nothing of the trillion dollars “The One†wants to pour into state and local governments, who also don’t know dick about how to handle money.
We’ve said it before and we’ll say it again … more government is never the answer.
Comments
By General Moultrie Says on February 6th, 2009 at 1:27 pm
As they say in Poland 2+2=4.
By Pat Hendrix on February 6th, 2009 at 4:07 pm
You fellas failed to mention that the banks own Congress. Both parties, both houses. It’s nauseating but true. Next we will buying out their “toxic assests,” meaning their bad loans. Oh, but Citi doubled the interest on my credit card last week – apparently I’m in default. Problem of course is that I’m not, never have been and have a 750 credit score. Their just going to do it because the Republicans let them write the laws in way that loan sharks envy. Lovely.
By liz on February 7th, 2009 at 9:14 am
I keep telling you that a secret ghost system of names is being paid every month from the SSA to only God knows who…..
they can’t add
they can’t add
they don’t wanna add.