The $trillion dollar question

Jeff Sparrow, editor of Overland writes in Crikey Newsletter:

Speaking of which, the $700 billion this little bailout will cost is, as many commentators have noted, roughly the same as the more conservative estimates of the bill for the Iraq war.

So that’s where we are. President Bush and his supporters can find $700 billion to spend on a war of choice. Almost overnight, they can stump up an equivalent amount to stop Adam Smith’s invisible hand from throttling their shonky cronies in the banking sector. Such extraordinary sums, if devoted to public transport or alternative energies or scores of other socially useful outlays, would go a long way to ending America’s dependence on carbon fuels.

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One thought on “The $trillion dollar question

  1. Yes, I agree with this. But, at this stage where a lot of economies in the World depend on the financial turmoil happening in the U.S, it is better that these d@#$heads are got out of the pothole they dug for themselves.
    Apparently, if this bailout is not offered, there will be a significant loss of jobs in many sectors, many people will loose their household and the difference beween the rich and the poor will widen more. No doubt, this help from the U.S Govt would not fix this gap overnight or for a few years down the line, but certainly would not aggravate it more.
    Additionally, I believe, every cent offered in this bailout should be recovered in the future once the banks and Wall st establish themselves, else people’e money will be wasted again, as usual.

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