You can insert the standard joke about the “New Math” here. Probably one of the most distasteful ingredients of the “crap sandwich” that is Wall Street/Financial Bailout is that it’s only being described as a $700 billion package.
Not to tell the cable news networks, the AP, Reuters, New York Times and almost every other media outlet in the country how to do their jobs. But for the last week, everyone has been misrepresenting the actual cost incurred by the taxpayer of this measure. The price tag of the Bailout legislation is $850 billion; although some reports have the figure as high as a trillion dollars.
One doesn’t have to be a historian to remember that only last week the U.S. Senate took the $700 billion legislation voted down in the House, tacked it onto the Paul Wellstone Mental Health and Addiction Equity Act of 2007 – fittingly so – and then sprinkled on $150 billion of political bacon bits to buy off enough Congress weasels to ensure passage.