Sunday, September 21, 2008

Shocked, I say, To find out that the proposed bailout will cost more than they said it would!

IN a development that should surprise absolutely no one, Hand-out Hank (h/t HS) has underestimated the actual cost of the bailout he is requesting from congress and the American tax payers.

WOW they asked for one amount but it will really be much much more. That sure sounds all to familiar too me.

The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.

The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.

``The costs of the bailout will be significantly higher than originally considered or acknowledged,'' said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. ``How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?'- Bloomberg

This isn't really a government anymore, it actually just a band of highwaymen and the country has become a money pit.