The warning signs of the economic crisis that were ignored, how the situation got as bad as it did, and what we can do to mitigate the damage.
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It appears that I underestimated the cost of the bailout in my previous post. Today, CNBC reported that the cost stands at $4.28 trillion. That is more than the total inflation adjusted cost of all of WWII. Here are some numbers to put that in perspective.
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From taxpayers’ wallets into the coffers of Wall Street firms, the Bush Administration has presided over the largest redistribution of wealth in American history. $2.9 trillion has already been committed and it looks like more government bailouts are still being contemplated.
Filed under: economy | 5 Comments »