US Financial Crisis: Bailout, Whose Burden is that Anyway?
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Code : ECC0016
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Region : US |
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Introduction: In a bid to save theUSeconomy fromthe aftermath of financialmeltdown, or asmajority believe, to avert the collapse of other financial firms in themeltdown, on October 4th 2008, themost expensive bailout ($700 billion) inUS' history was approved by the congress. This bailout was in addition to what the government had pledged to save FannieMae and FreddieMac ($100 billion each), andAIG($85 billion). Experts opine that the total cost of bailing outWall Street fromthe crisis could cost American taxpayers $1 trillion. 90%of the Americans do not want to bailoutWall Street, as they think it is very unfair to socialise the losseswhile profitswere kept private.Reciting themajority sentiment,BarrackObama (Obama) PresidentElect US opined, "it is outrageous that taxpayersmust bear the burden forWall Street greed and risk".2 But Henry Paulson, US TreasurySecretary, believes that bailout is the solution for the current crisis and itwill again stabilise the economy... |
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