You know how if you see something over and over it eventually becomes so common you stop acknowledging it? Well, when it comes to zeroes behind digits on handouts to people who have no business expecting anything, politicians have that same issue:
The financial world was fixated on Capitol Hill as Congress battled over the Bush administration’s request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.
But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion.
The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill. When they found out, some legislators were furious. Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the change and send the economy into an even deeper tailspin. (emphasis mine)
Short document, huge payoff…
Just to put this in perspective, here’s a list of what $140,000,000,000 could buy:
- According to musiciansfriend.com, a MiniMoog Voyager synthesizer & MPC-5000 drum machine for the entire population of Texas.
- Over 5 million Mac Pro computers with literally EVERY option and upgrade pre-installed. Seriously, go try it.
- Enough philly cheesesteaks from Geno’s for the entire population of Angola to have one, each meal, three meals a day, for a year.
- 30 million bottles of really fucking luxurious cognac.
- Enough Katana swords for the entire population of Russia to go all Kill Bill on each other — with change left over.
It took me longer to find all that out and write this than it did for the US government to shift that much money to banks. Pass that Courvoisier…
(cross-posted to FreedomDemocrats)