What a banking Bailout, whats it to cost us.

Finally it got done, in a lot of ways this whole mess of goofy loans made to "get Americans into Homes", reminds me of why NAR and our Lobby fought so hard for the last 30 years to deny Banks and Wall Street from getting into our Business of Real Estate.

Here are some facts from John OGG on his article the bailout.

Pretty unfair, to consumers and all hurt by the scheming and bundling experts on Wall Street.

In a few more months many bestsellers will come out with titles like Mortgage Lust, Bank robbery, Ruin a economy by Mortgage , and many more. The sad fact is this could have all been prevented but someone was asleep at the wheel in the Goverment . A crime has been committed that we will all pay for dearly.

USA Per Capita Bailout Costs

The $700 billion financial system bailout has so far stabilized the financial markets. That part is hard to debate. The long term effects, the path, and the implications are, of course, up for debate. The questions in many discussions this weekend were what the real costs would be and whether or not these institutions should be allowed to fail.

So, one issue we wanted to consider, was what exactly does this translate to on a per individual in the U.S. In 2006, there were more than 133.9 million individual tax returns and the total number of tax returns including corporations, employment taxes, and more came to more than 168.8 million. We decided to use the larger number of 168.8 million as a representation for the entire tax system rather than just individuals, since the larger number of roughly $2.5 trillion collected was only about half of the total collections from individuals. After all, we are all in the same soup on bailouts here.

The $700 billion bailout translates to roughly $4,147.00 per filer. If you wanted to use just the individual tax filings, you would come up with more than $5,200.00. That is the price of saving Fannie Mae, Freddie Mac, AIG, Bear Stearns, Lehman, Countrywide, and other failed financial institutions via assisted mergers and other bailouts. We haven't even gotten to the other failures which are waiting in the wings