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Get the $8 Trillion Wall Street Bail-out Money Back, There is No Budget Crisis

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They have almost made a clean getaway, still looking over their shoulders but receding into the distance. Question: how can we cut the debt and balance the budget without cutting a single program or hurting a single person except those who will have plenty left?

The genius of the current robbery taking place in Washington as they prepare to slash entitlements as the "big ticket" items on which we are going to have to make "hard choices," is that there is another big ticket item which, along with Pentagon spending and wars, put us here in the first place.

Funny, I don't see anything on "Debt Clock" about this all-time greatest theft in world history, the Wall Street bail-outs, up there with what are often called the "big three" responsible for most government spending -- Social Security, Pentagon, and Medicare/Medicaid. Where are the "bail-outs"?

But Politico says:

A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. government's watchdog over the effort says -- a staggering amount that is nearly double the nation's entire economic output for a year.

If the feds end up spending that amount, it could be more than the federal government has spent on any single effort in American history..."

A more recent San Francisco Chronicle article reports that the actual cost of the bail-outs has already hit $8 trillion.

To put that into some kind of context, you can put what they call the three biggies -- Social Security, Pentagon/wars, and Medicare/Medicaid -- at around 3/4 of a trillion dollars a year, each .  

No, I don't see it on the Debt Clock, nor do I hear any legislator of either party talking in hushed, somber tones about "sacrifices" for the "greater good." I don't hear the Tea Party talking about it, which strangely, is what they got started over. That's before they got hijacked by the GOP, which managed to fool enough of them into thinking their own Social Security benefits were the great evil. Some trick that.

Two of the early Tea Party protests were February 27, 2009 to protest the Troubled Assets Relief Program (TARP) bailout bill signed by President George W. Bush in October 2008, and the ARRA stimulus bill signed by President Barack Obama ten days prior to the protest.

Are the corporate execs who are giving themselves outrageous perks going to sacrifice, like the one whose kid takes a private jet ride to school every day?  At this moment the top one-percent of wealth owners own more of the pie than they have since 1928. And they have got the Tea Party and the rest of us fighting over each other's crumbs. 

Please lean over, I have something to whisper into your ear -- Suckerrrr!

This is a short over-view. There is nothing left to talk about. You know what is going on.  It's time to slam them with WTF, who do you think you are kidding?  It's time to talk about the bail-outs and getting that money back -- not our retirement benefits or Medicare. We might be stupid. But we're not THAT stupid.


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Ralph Lopez majored in Economics and Political Science at Yale University. He writes for Truth Out, Alternet, Consortium News, Op-Ed News, and other Internet media. He reported from Afghanistan in 2009 and produced a short documentary film on (more...)

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