NY Times Makes a Funny
Excerpt: "From David Herszenhorn at the NY Times: $700 Billion Is Sought for Wall Street in Massive Bailout
The ultimate price tag of the bailout is virtually impossible to know, in part because of the possibility that taxpayers could profit from the effort, especially if the market stabilizes and real estate prices rise.
emphasis added
I hope you laughed. I did. A little gallows humor.
And, yes the cost is still unknown, but there is no way that the taxpayers will profit. My initial estimate is that the direct costs of the Paulson plan will be $700 billion to taxpayers. That is about double the cost of the S&L crisis (compared to GDP)…
…Think of a drunk gambler at a slot machine. He starts with $100 and slowly loses. Every now and then he wins some money, but he keeps putting the coins back into the slot until he has lost everything. That is how this plan will work."
Full article here.
