Quote of the Day: "Big Government isn’t the savior. It’s the devil, wearing a chicken suit." -- Jim Babka (Source: Positive Liberty blog, March 21, 2009)
Subject: Dissecting yet another scam
President Obama unveiled the latest government plan for buying up "toxic" assets on Monday, and the stock market soared by nearly 500 points. It's not hard to see why. Investors get the reward, while taxpayers get the risk.
Here's what you can say in your personal comments. This latest "toxic" asset bailout is yet another scam, because . . .
For every $100 used to buy "toxic" assets, private investors will put up only $7, while taxpayers will put in a matching $7 plus $86 in loans. These are no recourse loans. In other words, if a "toxic" asset doesn't pay off, taxpayers will eat the loss -- potentially $93 out of every $100 invested.
Investors get a chance to profit, while most of the potential losses will be socialized -- paid by you.
And ask your friends to do the same.
Thanks for being a member of the growing Downsize DC Army.