A Few Numbers For You

Today, my friends, I would like for you to spend a few minutes with me while I run a few numbers by you for your consideration. Don’t worry – you do not have to take notes, and there is no pop quiz following this blog. Just stay with me, ruminate over the facts and figures you are about to receive, and then join me, if you want, in sitting around and pouting because you did not receive a “bailout” when the banks, auto-makers, and at least one crooked company received theirs. Maybe you could also join me in yelling “It’s MY money and I want it NOW!” Wait, don’t yell that phrase. I believe a major financial firm has it trademarked. But we can yell, “I am a taxpayer! Why doesn’t the government bail ME out NOW?” After all, it is about time for a “taxpayer bailout,” don’t you think?


So here are the numbers I wanted to relate to you. First, let’s talk about what must surely be one of the greatest (most expensive, that is) bailouts in history – the Troubled Asset Relief Program (TARP). In 2008 we (the people) were told that banks were failing across the United States, and that mostly it was because the banks had made bad loans (read loans that were made to people who obviously could not repay these loans). The banks had also lost assets around the world through various bad investments. I realize the picture was much more complicated, but these are the main points. Big Bankers were able to convince BIG Government that the sky would fall and the world would collapse if the Big Banks were not bailed out by Big Government. There is only one problem with this scenario. Big Government has no money. Not to fear, Big Government simply used taxes (OUR MONEY) to bail out the banks. So…in 2008, the Bank Bailout (TARP) was unveiled, at the supposed cost of a mere $300 BILLION DOLLARS!

Not surprisingly, as the money started flowing to the banks, US car makers also realized THEY were on the brink of bankruptcy, as well. Being a much smaller segment of Big Business than were the banks, the car makers were content to ask for ONLY $34 Billion. By the way, remember what they had to go through, what with the Congressional investigations and all? Anyway, long story short the Big Three car makers in fact received their bailouts. Thankfully (I guess!) the $34 billion for the car makers was generously taken from the TARP fund rather than ripped out of the empty holes in our pockets. Congress made the various chief executive officers of the respective car makers more or less jump through several hoops in effort to convince Congress that they would repay the loans. Someone may need to fill me in here, because I have found no information indicating that the banks paid back their loans, or were ever expected to. I hope I AM wrong about that one. At least one car maker paid the loans back in full. Others are continuing to pay so that they can buy back their companies from the government.  I would like to mention here that the Congressional Budget Office in 2010 stated that TARP costs had actually exceeded $700 billion.

Another number I would like to put on your plate this evening is the federally guaranteed loan that the Obama administration made to an innovative high tech and forward thinking company known as Solyndra. This company, a producer of solar cells, received a federal loan (OUR MONEY, AGAIN!!) to underwrite their production of these solar cells. Unfortunately Solyndra had to file for bankruptcy. Not only that, but the FBI commenced a criminal investigation and confiscated the records and property of this company pending the outcome of the investigation. I don’t know about you, but I wonder why the financial status of Solyndra did not preclude them from receiving a loan of any kind. But this was not just any loan, no, this loan was in the amount of $535 million. What, only half a BILLION! We should not worry about that one at all! After all, it is not even a drop in the bucket of the federal bailout machine.

These numbers are examples of the way the current Administration is being "responsible" with your money (taxes).  I hope you can see that we cannot continue as a nation in this out-of-control and endless spending, which of course is followed by ever increasing taxes and fees.  No matter who serves as President, no matter who is in Congress, we as American people must regain the reins of fiscal control while there is still an America to save.