Tuesday, September 30, 2008

And yet our Government bails out failed banks.

'Millions' of UK young in poverty

Millions of children in the UK are living in, or on the brink of, poverty, a report claims. The Campaign to End Child Poverty says 5.5 million children are in families that are classed as "struggling" - 98% of children in some areas. The campaign classes households as being in poverty if they are living on under £10 per person per day.

Posted by eyes_wide_open @ 09:55 AM (907 views)
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8 thoughts on “And yet our Government bails out failed banks.

  • Yes it is a disgusting fact that Brown should feel ashamed of (as if he didn’t have enough to be ashamed of already).

    Just been sent the following viral email which could equally apply over here:

    Dear Senator:

    I’m against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to America in a “We Deserve It Dividend”. To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18 years of age or older. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

    So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a “We Deserve It Dividend”.

    Of course, it would NOT be tax free. So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

    What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage – housing crisis solved.
    Repay college loans – what a great boost to new grads Put away money for college – it’ll be there. Save in a bank – create money to loan to entrepreneurs. Buy a new car – create jobs. Invest in the market – capital drives growth. Pay for your parent’s medical insurance – health care improves. Enable Deadbeat Dads to come clean – or else

    Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces. If we’re going to re-distribute wealth let’s really do it.

    If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+! As for AIG – liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here’s my rationale. We deserve it and AIG doesn’t.

    Sure it’s a crazy idea that can “never work.” But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion “We Deserve It Dividend” more than I do the geniuses at AIG or in WashingtonDC .
    And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
    Ahhh…I feel so much better getting that off my chest.

    Your loyal constituent,

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  • Inbreda, you’re out by a factor of 1,000.

    The AIG bail out is $85 billion (thousand million) not $85 trillion (million million).

    $85,000,000,000 divided by 200,000,000 is in fact $4,250 each.

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  • Hang on – I get even less.

    85,000,000,000 / 200,000,000 = $425

    Yes. Knock off two sets of zeroes even:

    85,000 / 200 = 425.

    Two hundred quid won’t buy you much unfortunately. Still, I would rather get it anyway than AIG.

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  • Oops! $425 is correct.

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  • I think that may be the ‘for’ argument – “It’ll only cost you $425 each to solve this credit quake.”

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  • planning4acrash says:

    You are all too Conservative. The bailout will be trillions. The 700bn was a smoke and mirror because it would have been an ever replenishing coffer. To work it out, find out value of derivatives, and recognise that most are junk.

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  • You’re right Inbred, you’re postings truly are vital…

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  • Actually, for the record (and it is for the record because this post has flown from the front page), I agree it will cost trillions before this issue is solved – I’m with you there P4AC.

    The eventual cost will certainly run into trillions because no-one wants to say it yet but $700bn is actually nowhere near enough.

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