The Bailout, Day 27

Let's review some landmarks of the bailout to date:

• Paulson is knowingly cheating taxpayers by overpaying major recipients of aid by as much as 100%, particularly when compared to the deal Warren Buffett struck with Goldman Sachs. (Leo Gerard, International President of the United Steelworkers Union | William Greider, The Nation, Oct. 29)

• Most money will go, not to ease credit availability for businesses and consumers, but to shore up bank stashes of cash. (Stephen Schwarzman of Blackstone Group, Bloomberg, Oct. 28 | Bloomberg, Oct. 23)

• A large portion of the money will go to big bank buyouts of smaller institutions (Schwarzman, Blackstone Group)

• Banks that least need the cash will get the most. (Bloomberg, Oct. 29)

• Money will also go to ensure bonuses for executives responsible for the financial disaster. (Bloomberg, Oct. 30 | New York Times, Oct. 29)
  

• AIG, beneficiary of a separate bailout scheme, is "rapidly running through $123 billion in emergency lending" (New York Times, Oct. 29)
  

• Unlike the British, the Treasury has placed few restrictions on how its (meaning our) bailout funds are spent (or not spent).

• Insurers and car makers are seeking funds to bailout their operations. (Bloomberg, Oct. 27 | The Economist, Oct. 2 and Oct. 16)
  

• A record $200 billion deficit in U.S. pensions has developed during the current stock turmoil. (Bloomberg, Oct. 29)

• States are seeking federal funds to rescue them amidst massive budget shortfalls. (New York Times, Oct. 29)
  

• Crisis in credit card debt looms for consumers. (New York Times, Oct. 28)

• Consumer demand is taking a nosedive. (The Economist, Oct. 23)

• American Express has announced that 7,000 jobs will be cut. (Bloomberg, Oct. 30) Job cuts so far this year exceed 500,000.