The $700 billion in perspective
Chuck Sheketoff
The proposed federal bailout has given me 700 billion more reasons why I’m glad Congress has not fallen for the Social Security privatization schemes.
The $700 billion bailout package is a lot of money.
It’s approximately equal to four times the annual budget of the US Department of Education for all outlays and guaranteed loan payments.
But admittedly, it’s hard to get one’s head around what 700 billion means.
Consider this:
One million (1,000,000) seconds ago (today is September 22, 2008) was about 12 days ago, September 10, 2008. AIG was still advertising on TV, Lehman Brothers hadn’t filed for bankruptcy, and Bank of America hadn’t purchased Merrill Lynch.
One billion (1,000,000,000) seconds ago was about 32 years ago, January 5, 1977. Jimmy Carter was two weeks out from his inaugural and the Reagan Revolution — that led to financial industry deregulation and distrust in the government that is now coming to the rescue of Wall Street — had yet to materialize.
700 billion (700,000,000,000) seconds ago was 22,197 years ago.
That’s about when humans crossed the Bering land bridge and first entered the Americas.
So 700 billion seconds ago, Alaska had a bridge to somewhere.
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connect with blueoregon
Sep 22, '08
Well, in 1980, we were the world's largest creditor, and all of this would be a moot point - we could simply tell Wall Street, too bad for you (and give me back those cigars). Unfortunately, we now have to maintain our credit rating in the world market. sigh.
Sep 22, '08
700 billion reasons to march on Wall Street:
When: 4pm – ? Thursday, September 25. Where: Southern end of Bowling Green Park (NYC), in the plaza area What to bring: Banners, noisemakers, signs, leaflets, etc. Why: To say we won’t pay for the Wall Street bailout Who: Everyone!
I wish I lived in NYC so that I might go . . .
Sep 22, '08
I haven't heard Baracks position on this? Would he bail out?
The bailout might have short-term gains, but in the long run, Wall Street will realize they can do whatever the heck they please and the taxpayers will be there for them.
Sep 22, '08
700 billion (700,000,000,000) seconds ago was 22,197 years ago. That’s about when humans crossed the Bering land bridge and first entered the Americas.
And Sarah Palin's forebears could see our impending deficit from their house.
Sep 22, '08
Sarah Palin's ancestors did not come over the land bridge from Siberia, and her record on native issues is not good:
Sarah Palin’s Record on Alaska Native and Tribal Issues
Sep 22, '08
Yesterday on ABC's This Week:
George Steph: Could this $700 Billion bailout be considered Socialism? Is this Socialism?
Treasury Sec. Paulson: This is necessary!
Chuck, thanks for reminding us all about the Social Sec schemin'. If only Reagen were alive to comment on this one. I'm still waiting to hear something from Grover Norquist or Dick Army.
4:51 p.m.
Sep 22, '08
A math teacher of my acquaintance once told a story about how he would communicate differences in magnitude. He'd go to the board, draw a horizontal line, and at one end he'd put a hash mark labeled a billion, and at the other, a hash mark labeled a million. Then he'd ask students to put a hash mark at where a million would be. Instead of putting it just next to the zero mark (a million is 1/1000th of a billion), they tended to run it out, sometimes past the half-way mark.
Your example is even more pointed, Chuck. Thanks--
Sep 22, '08
Then there is Parkinson's Law. In one example, Parkinson opined that people could understand the price of a meal or a bicycle but found they had no clue as to the reality of a million pounds (sterling). Parkinson was English. A friend who was a consultant had an appointment with an executive in a major corporation. The executive was late for the appointment and apologized to my friend. He explained he was in a committee meeting where they dispensed of a seven-figure budget item in minutes but spent an hour or so discussing where to hold the annual company dinner.
Sep 22, '08
Thomas, while I know that the "poetic" business will at least interest folks in a hip sorta way, I hope you will also post that academic link from up Canada/Alaska way. There are some actual academic thought leaders doing a lot of work on all of the issues Harjo has so beautifully and palatably presented. Do you still have that link?
Sep 22, '08
Smith: ‘The proposal cannot be a blank check’
U.S. Sen. Gordon Smith said Monday he would not support a bailout package for Wall Street without provisions in there for taxpayers and homeowners.
Sep 22, '08
No Need to worry, Pelosi is on the job....
"We will not simply hand over a 700-billion-dollar blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street," House Speaker Nancy Pelosi
Sep 22, '08
No Need to worry, Pelosi is on the job....
"We will not simply hand over a 700-billion-dollar blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street," House Speaker Nancy Pelosi
And if we can't trust Impeachment-is-not-on-the-table Pelosi, then who can we trust?
Sep 22, '08
If there was ever a reason for real, free market economics it is now. Real, free market economics would mean no government intervention, which would mean these banksters and their main shareholders would see their wealth disappear. Consolidated powerhouses would be broken up per anti-trust laws, true 1st amendment freedom of press would inform the public, and honest firms would enter the market and compete to regain people's business. The cost to the average man's retirement fund would be a lot cheaper than Paulson and Bernanke's rip-off and at least we'd be buying the destruction of the Anglo-American financial oligarchy that has, more than any other single group, been the driver behind world history over the last quarter millenium.
Socialism for the rich says that won't happen. The ruling class who have their politicians bought and paid for must be preserved. The one common denominator of modern Dems and Repubs is a thorough belief in a ruling class. The ruling elite can't be allowed to suffer the consequences of their own criminality and stupidity when the middle class and poor can be made to suffer for them.
Sep 22, '08
Pelosi sure is the dullest knife in the drawer. I'm not just talking about citing 10th century science as a basis for her opinions.
You can say goodbye to universal healthcare. This package makes everything these two candidates are promising a moot point. This will saddle and tie the hands of the next administration's entire first term and likely most of their second term.
Sep 22, '08
How can this happen? Wasn't Obama on the Senate Banking Committee? We know that Obama "believes in his own power to make voters believe whatever he says" so maybe now he'll admit he was never on the Senate Banking Committee.
http://www.powerlineblog.com/archives2/2008/07/021072.php
What I can't figure out is how in the heck did Hillary lose to him?!??!!
Sep 23, '08
What I can't figure out is how in the heck did Hillary lose to him?!??!!
That's easy. She was worse. Or, did you forget she voted for Bush's blank check to go to war on Iraq, an event that has been reliably estimated to eventually cost two to three TRILLION?
1:34 p.m.
Sep 23, '08
Johnnie, Obama wasn't even in office when Phil Gramm and the Gingrich/Norquist Republicans fucked us all by removing oversight and separation between financial products.
1:37 p.m.
Sep 23, '08
I read yesterday about something Reagan used--he said a stack of $1,000 bills would need to be four inches high to make a million. To make a trillion, it would need to be 63 MILES high.
Sep 23, '08
Johnnie, Obama wasn't even in office when Phil Gramm and the Gingrich/Norquist Republicans fucked us all by removing oversight and separation between financial products.
... aided and abetted by Democrats; that is, the other wing on the corporate bird of prey.
Financial industry's campaign donations could help it in bailout.
Goldman Sachs has consistently donated more to the Democrats than Republicans. Now what will the Democrats do to show their appreciation?
Sep 25, '08
Roosevelt's Great Depression ? Be sure to e-mail us if we need to take off running to the bank for what little bit might be left !We need enough money for pig in the blankets and pork & beans ! Do we need to dig a hole in the back yard ? That's the Civil War day stories ! The Yankee's are coming !We're going with the Senator with pages of data he recieved from Harvard and various other top financial wizards indicating the Paulson plan was not the way to go ! This senator said he probably wouldn't be invited back but we the people sure hope he is ! Stay in the saddle and lean with the trees ! Election 08 !What will happen next ? Really think Obama is more in touch with Main Street when it comes to economics and glad he's in there ! All hands on deck in Mississippi and Obama is on go but what is McCain doing ? Sail on MayFlower!Old Ebbits Grill will be packed tonight !
Sep 27, '08
Well, there's hope: this from Breitbart.com:
http://www.breitbart.com/article.php?id=080926123140.jvg3mysz&show_article=1&lst=1
<h2>If cheese farmers in France will take to the streets upon occassion, you'd think Murricans could make enough noise this time, over this? I checked my retirement funds yesterday, and it's just not worth the damage to my blood pressure to discuss.</h2>