Dude, Where’s My Bailout?
Congress has been busy over the past few weeks. We’ve seen $85 billion dollars go to AIG, $25 billion to automakers, $200 billion in capital and credit lines to Fannie Mae and Freddie Mac and who knows what else we’ll be forking over to California and Massachusetts.
On top of that, John McCain wants to “purchase mortgages directly from homeowners and mortgage servicers.” McCain’s own campaign estimates the plan would cost another $300 billion dollars. Barack Obama wants to provide $50 billion to “jumpstart the economy.” This money would be split between a State Growth Fund and a Jobs and Growth Fund. (Thanks for the specifics there, Senator.)