Friday, September 19, 2008

NYTIMES and bailout cost: $1,000,000,000,000

Outside experts tell The New York Times that the probable cost of the developing federal bailout of Wall Street will reach $1 trillion.

That's an astounding amount. And author Kevin Phillips told Bill Moyers on his PBS show that such an amount will mean prominent Democratic causes will face a de-priorization. It will unleash "civil wars" within the political party.

Causes include things like universal health care. And it's all for bad decisions made by Wall Street bigwigs who have walked away with mega-million-dollar golden parachutes and payouts -- one at $354 million over five years for the head of Lehman Brothers.

I'll provide more in blog posts this weekend on the extraordinary show Moyers featured tonight on PBS. Phillips and two New York Times' reporters covering the Wall Street mess for some time now painted a very bleak picture for American households -- not only in the coming year but for the next two decades. Yes, you read right. The next two decades.

It's shocking. And it's obvious after watching Moyers' show how and why we got to this point of such dramatic economic change that will affect a whole generation.

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