Here’s An Idea: Tired of bailout nation? Frustrated? Tired of hoping for change? “I’ll tell you what . . . stop paying our taxes. And our mortgages. They can’t throw us all in jail! They can’t evict us all!” Back in the 19th Century they were called Rent Strikes.
The Bush and Obama Administrations have racked up $12.2 trillion in commitments and spent $2.5 trillion on bailouts. What have we got to show for it? Zip.
So far one in seven U.S. workers are unemployed or had their pay cut. One in ten American homeowners face default or foreclosure. There is no real estate market. The stock market is down 50 percent. The bailouts haven’t done anything to help Americans who have been laid off, subjected to furloughs and pay freezes, seen their retirement benefits fall along with the stock market and been gouged by voracious health insurance costs.
Why didn’t our “leaders” bail out the homeowners whose mortgages backed the troubled securities that sparked the crisis? Helping them would have been a three-fer: the banks would gotten paid, consumer spending wouldn’t have fallen off a cliff, and government would have restored some of the faith lost after Katrina.
Anyway, here we are $12-plus trillion in the hole.
Think about $12 Trillion—it’s $160,000 for a family of four. What would that kind of bailout done for the average family of four? (Source.)