… Now that the Treasury has abandoned its plan to buy the toxic assets of banks, other companies, including insurers and student loan companies, are lining up too. Many on Wall Street say they believe that the cost of the rescue is certain to exceed the $700 billion that was originally designated for it.

Let’s be realistic, $700 billion is not enough, H. Rodgin Cohen, the chairman of Sullivan & Cromwell and one of the pre-eminent lawyers for Wall Street firms, said at a conference hosted by The Deal magazine on Wednesday. I think it’s the T-word, he said, referring to $1 trillion.

(Full New York Times article here)

With some companies using their bailout cash to throw executive parties and others still failing despite the money, it’s pretty brave to suggest that the taxpayer continue to fund this failing plan. If $700 billion didn’t cut it, why should we believe that a few trillion would?

Sadly, 87% of incumbents in Congress were re-elected. Personally, I had hoped that people would have paid more attention. If we can spread the word that we, the public, refuse to support these corporate handouts, perhaps things will start to change in our favor.

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