Americans, Get Ready for an Enormous Tax Bill

Those 'taxpayer dollars' are worthless anyway.

gold is dead --long live gold

From an oldtimer - Near the end of President Reagan's eight years in office we had a similar mess due to under-regulated Savings and Loans. It all fell apart in his last year, and one of the first President Bush's tasks was to clean that up. Now near the end of the second President Bush's eight years we have this mess. There's a lot of bad regulation out there but these are examples of what happens when there's not enough regulation of really important stuff with major impact on most of us.

Welcome to BNW. The dream has become a nightmare and people can not wake up from it.

And because, as Mike Bloomberg puts it:"there’s no one person to blame other than all of us", we shouldn't object to paying these higher taxes.

And because, as Mike Bloomberg puts it:"there’s no one person to blame other than all of us", we shouldn't object to paying these higher taxes.

Remember that this all happened because people bought houses they couldn't afford. So it isn't just the CEO's its all our stupid neighbors as well.

Get a rope!

Its over people............the USA is giving all of, whatever it has, to Wall street elites. Now, when it comes time for a national health care program - those same billionaires that just got theirs will tell us Americans we can't afford it. Waht a country we have become.

PRO-BIG BUSINESS Republicans..they bait you with emotional hooks, they tell you they are for lower taxes (BWAHAHAHAHA) but the truth is the Republicans taxes you mroe than the democrats from the back door. Remember the lax regulation for the savings and loans fiasco..who bailed them out..oh yeah you taxpayers..so who is bailing out these under-regulated pro-republicans free-wheeling big boys..um yeah you again taxpayers!! lmfao...republicans = pro big business = pro big money = BIGGER TAXES but they do it under the water..lol just mho

It's way past time for all hard-working common folk who play by the rules, to march enmass to Washington and force Congress to listen and ease our plight rather than their big shot thieving CEO friends. A rally of 500,000 ought to catch at least at 30 second slot on the evening news. And George, poor George he can't even take a question from critics, but Obama can field questions and act more presedential that the dead duck in the oval office. God help this country and quick!

PRO-BIG BUSINESS Republicans..they bait you with emotional hooks, they tell you they are for lower taxes (BWAHAHAHAHA) but the truth is the Republicans taxes you mroe than the democrats from the back door. Remember the lax regulation for the savings and loans fiasco..who bailed them out..oh yeah you taxpayers..so who is bailing out these under-regulated pro-republicans free-wheeling big boys..um yeah you again taxpayers!! lmfao...republicans = pro big business = pro big money = BIGGER TAXES but they do it under the water..lol just mho

all hail the iron fist of communism!!!

We cannot keep thinking that the US can maintain its past standard of living. Why? We do not manufacture or prioduce any real commodities. We are a country where employment means a sales position at a mall, a hamburger flipper or manager(?), restaurant server, cell phone saleperson or telemarketer. Steel mills? Factories? Apparel? Footware? computers? All overseas or Mexico. No wonder the banks went belly-up. Who's actually saving money? The flippers don't make enough to pay rent, the middle class are investing for retirement with their financuial advisors or paying for kiddies college tuition, and the rich... well I am sure they don't use banks, at least not in our country. I am affraid I agree with one of the other comments... hold on for round 2 of the Great Depression. When the US comes out of it, the US will be lucky to be a third world country looking for handoutd for other countries.

I hate it when reporters distort the facts in order to generate fear, concern, outrage, or whatever. That's what's going on here. The costs above are NOT ultimately an invoice to the taxpayer. The Bear $29B is a guarantee against assets with varying and unknown value in this credit crunch. Ultimately, I believe the asset value will increase over the next few years over the (marked down) book value as of the Bear takeover, so it may not cost taxpayers a cent. The nationalization, in the same vein, may not cost taxpayers anything, and it all depends on the realizable value of some of the more questionable mortgage assets that Fannie and Freddie own. Time will tell. The AIG loan is a maximum of $85B, and we don't know how much it will be yet. And, as everyone fails to mention, the US government is making 11% interest, or over $8B a year, in the case that AIG borrows close to the maximum. Given that the loan is secured by all AIG assets, the risk here is relatively low that it ultimately costs taxpayers anything (especially including the interest income). The same thing goes for the $300M in liquidity measures this week. And, I might add, the same goes for a RTC-type entity that may be created in the near future. I don't know the exact figures, but while the RTC in the 90's shelled out a lot of money to bail out the defunct S&L's, as I remember the RTC got almost all or all of its money back by the time it was done liquidating the assets. The same is expected this time around. While that requires some good luck, its not a foregone conclusion either that it will cost us anything like the $500B to $1T numbers that some idiots are using. Bottom line, the ultimate taxpayer bill for these measures may end up being very small, if anything. The government is taking these written down and low-value assets at a market low. Remember the saying 'buy low, sell high?' Not a bad strategy, especially if it all bails us out of a global financial crisis.

We have all got to handle this, by not voting for any one thats supports this mess, as you call it, I call it a mess put forth by our Predisant of today, not the one in the future. Charles Bandy

and just wait the costs arising from the climate change - the scientifc truth that Bush denied until very recently.....

Why is everyone starting to cry at this late stage? When the Government began the conscious effort of deficit spending, and then the Government started selling our debt to foreign interests, so the interest payments were no longer just going to our citizens, THAT is the time people should have cried out. By the way, when are we going to REQUIRE financial aptitude tests for the Congressional individuals we allow to run the largest "Company" on Earth? As long as they, themselves are on the dole, with salaries guaranteed by the Government (even AFTER their "service" to the American people), there is NO incentive for Congress to make financially sound decisions.

Look in the mirror and you will see who is responsible for all this mess. It isn't just a local USA problem either . It is a global problem. Can you say GREED????

Gonna borrow it from the Chinese and eventually default on the debt anyway so, WHO CARES ?