Wednesday, July 21, 2010

Good news on bailouts

"The American people will never again be asked to foot the bill for Wall Street’s mistakes there will be no more taxpayer funded bailouts. Period." - President Barack Obama, July 21, 2010, on the occasion of signing the Dodd-Frank financial reform bill into law

Oh, wait, we tax payers haven't funded the bails out yet. The Chinese funded it, didn't they?  Or whoever buys all those T-Bills. See here

"Treasury will have authority to issue up to $700 billion of Treasury securities to finance the purchase of troubled assets."

This was back in 2008 when all we were bailing out were troubled "assets".  But, we spent this money on other things, didn't we?

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