How much will taxpayers shoulder?

[kandrathe]

Oh, it's not 7-bil, its 700-bil. Quite a difference! Now that's $4572.18 per person. That really sucks <_<. And I read the Senate wants to add a further 100-bil to it, making the total 800-bil. At 800-bil, that's $5225.34 per person. Ouch! Over the course of 5-years, that could potentially be $1045.07 a year per person in taxes, however this amount could vary depending on several factors, such as a scaling tax rate based on how much you make annually, and of course how much the US-gov will burden themselves with making up. IMO, I didn't have my house forclosed, nor did any of my relatives or close friends. That's not to say I don't know people who had their houses forclosed, yet I'm also not the one who approved sub-prime loans back when Clinton was president, nor would I have if I had been in power. Why should I have to carry the burdon of failure for my country when I'm not dirrectly nor indirrectly responsible for this mess in the first place? Oh well, I guess when times are tough anyways, looking at the cold hard facts just makes things a bit more irritating.

When the government is counting its own hand outs as income toward buying a home we are in trouble. It is outrageous that the tax payers are bailing out this mess.

The problem began with China's rapid capital growth making borrowing too easy (that is, there was a glut of money in the international banking system), which gave lenders a false sense of security in lending that money to high risk mortgages. Then, to make matters worse, in order to not feel queasy about individual junk loans the brain trusts in the mortgage industry decided to bundle these high risk loans into traded securities called "Mortgage Backed Securities".

Who should pay? I'd say it should ultimately be the shareholders who own, and the employees who work for the companies who played around with the mortgage backed securities, and the poor home owners who got bamboozled into thinking they could buy a house on food stamp money. But, that will not be. We cannot make those poor shareholders and employees bear the burden of failed banking institutions whose leadership made bad decisions, or let the poor, and in this case it is the literal poor bear the burden of foreclosure on a home they cannot afford. So, instead, those people who earn incomes will shoulder the burden of other peoples mistakes. That is modern America, where it is legal for the government to reach into your pockets and take whatever it wants to make everyone else feel good about themselves.