Here are the terms of the bailout. More here.Larry Kudlow explains, no, the world won't end now. Although we came perilously close.
I don’t think a lot of folks understand this win-win scenario. Let me repeat: The taxpayers own the bonds the Treasury buys; the taxpayers own the cash flows generated by the bonds; the taxpayers own the profits when the bonds are sold; and the taxpayers benefit when the profits and cash flows are used to pay-down government debt.
Actually, for taxpayers, it’s a win-win-win-win.
I hope he's right. Most of the American people, if polls are to be believed, want the world to end so the greedy bastards will get theirs. Which, if I understand the actual situation, is a case of fiat iustitia et pereat mundus utterly misapplied. (These protesters understand that if there's no available credit, their employers may go out of business and they personally may be unemployed, right? That if banks fail, they'll lose their own personal money --not just "Wall Street" megabucks?)
Photo credit.
