[*] Why buy only buy bad mortgages? Because no one but the government will buy them. This relieves the bankers of the responsibility of cleaning up their own balance sheets.
That's $15 billion dollars short of $1 trillion that somehow the government is promising to spend this last two weeks to save Wall Street. There will be more, of course. This is added to the $500 billion already expected federal deficit for fiscal year 2009.
All the conservative angst over Social Security has been based on the estimate that starting in 2042 the Social Security might be receiving only 80% of the money needed each year to pay full benefits. It's a conservative estimate. In all likelihood the deficit will not be that bad if there is one at all. At worst, Social Security will not be broke. It will still be paying 80% of the promised benefits.
That $1 trillion the government just decided in the last two weeks to spend to save multimillionaire Wall Street
It's all a matter of priorities. Ask your local conservative. Wall Street Bankers matter. Retirees don't.