The potential cost to U.S. taxpayers of bailing out Wall Street firms stricken by the credit crisis could grow to as much as $400 billion in a deep and prolonged recession, Standard amp; Poor's estimated yesterday. That bill would soar by another $1.4 trillion if it included the cost of bailing out Fannie Mae, Freddie Mac and other government credit agencies, whose losses could be so massive that the U.S. government could lose its AAA rating in what would be a calamity for the U.S. Treasury and the dollar. (Washington Times, Tuesday)
Raise your hand if you have better things to do with your money.
FEE Timely Classic
Welfare for the Rich by Robert Murphy