My best guess is that most US taxpayers won’t live long enough to get their portion of the bailout money back. That’s right “their bailout money!” The bailout money didn’t come from some mysterious vault where it was just waiting to get spent, or from Obama’s “stash” as mentioned in a Detroit interview. It came from you and me, and our children and grandchildren are going to pay the price for these bailouts.
As an example, last year the federal government gave AIG $182.5 billion of our money. Since then AIG sold their 21st century Insurance Group for about $2 billion, and recently they announced an agreement to sell their interest in a Taiwan insurance company for roughly $2 billion.
Assuming, they keep the existing pace of divestiture, and assuming they use all of the sale proceeds to repay their bailout loans, it will take them about 45 years to do so. Oh, that also assumes that someone keeps their feet to the fire to pay back the loans to us — the taxpayers.
I don’t know about you, but I’m sure I won’t be around to see it.
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Great post and blog you have here! And you know, I was just actually discussing this with an associate the other day. I am 22 years old and I feel that even I and the generation I belong to will never see these funds. And to be perfectly honest, I don’t think it was ever meant to be payed back in the first place.
Hey, come on by to my Introception sometime! I think you’d enjoy it!
-Blake Gates
Thanks for your response.
It’s encouraging to see that you and your contemporaries are aware of what is really going on with this wanton government spending. At the same time, it’s unfortunate that nothing is being done to curtail it as your generation’s standard of living will bear the brunt of the negative impact.
And you are absolutely correct. Unfortunately it is mine and the younger generations that will feel the impact of this when the time comes to call in the cows. It is very unfortunate and it’s extremely hard to tell what exactly will happen with situation. I had spoken to quite a few people, both young and old, when the whole “bailout panic” was happening about a year ago. Most younger people I spoke with actually WANTED the bailout packages to go through because they thought it would fix the problems. I can say though, after I explained the detrimental effects of this, most quickly changed their minds. But it is done so I digress.
-Blake Gates
Looks like the media are finally starting to express concern over the rate of government spending and the fact that if we keep it up, the US is headed for disaster within the next 10 years. Have your friends caught on yet?