The $25 billion that came straight out of your hide wasn’t enough for Bank of America, so they are looking for another $15 to $20 billion to help cope with the losses from the purchase of Merrill Lynch.
That’s right, B of A couldn’t afford to purchase Merrill, but they went ahead anyway, with the full knowledge that Hank “hand it out” Paulsen would come through like a true friend. And come through he did. This isn’t money that was ostensibly supposed to free up the credit markets and get America rolling again. No, this is to cover a bad business decision, which would have been devastating if not for your paycheck. And what is your reward for your involuntary benevolence? Well, they still plan on laying off 35,000 workers. They don’t care, they’ll just take the money from what Americans are still employed. Not only are they shamelessly looking for the extra money, they are also looking for an additional $120 billion “backstop”. Come to your own conclusion as to what the hell that is.
Any way you slice it, it’s all money that the American taxpayer will put up against their will. Americans were against the bailout from the beginning, but were ignored by their elected representatives, including the messiah himself.
When you hear economists saying that things are going to get worse before they get better, they’re talking to you, not the privileged crowd over at Bank of America…