There are only a couple absolute certainties in life. Death is one and taxes are the other. However I propose that there should be a third one to the list. Whenever congress gets together for a bit of bipartisan legislation like this $700 billion bailout, it is bad for you and me. We should tuck our money in mattresses and run with them screaming towards the hill. Bipartisan legislation is just a euphemism meaning everyone gets what they want and we the tax payers end up footing a bill so full of pork that it makes the Iowa State Fair look like a single hors d’oeuvre.
$700 billion is a lot of money. The current occupant of that big white house and the current occupants of the other big house with the gold dome toss it around so cavalierly. Let me put this in perspective. Let us pretend that you are in the U.S. mint and they tell you can keep every dollar bill that you initial. Let us for the sake of round numbers say you can initial a dollar bill in one second and you never have to take any breaks and won't get writer's cramp. It would take you 11.5 days to pocket your first million. It would take you almost 32 years to become a billionaire. In 717 years, you would pass Warren Buffett to become the richest person in the world assuming that he assets stayed the same between now and then. Finally in 8101 years, you would finally have $700 billion dollars in your name and due to inflation; it probably wouldn't even buy you a loaf of bread in the year 10109.
I fully expected that this would be a done deal by now and it hasn't. Evidently some people up on "the hill" have woken up and realized that we can't afford to spend $700 billion, the same as our national deficit for the entire last year, even if dire things will happen because we don't bail out these entities who made the bad loans. Almost no one is saying what would happen if this bailout didn't happen. Those that do talk about it do so in general terms like it would be bad. What bad actually means is left to the imagination. I guess since I saved for a rainy day and could survive with the economy much worse, I actually want to see what is over the abyss should the bailout not happen. But as I said in the beginning, this is bipartisan legislation so they are probably only fighting on who gets what, not what has been left out. We are certain to be fleeced over it. The only consolation would be to die before they had a chance to get it from me via taxes.