Forget the ideologues. The bailout is absolutely necessary for most people's financial health.There's more.
First, all those commentators sputtering about the supposed $700 billion "cost" should take a look at ordinary Americans' savings.
On Monday, fears that this deal might be held up on Capitol Hill, or even abandoned altogether, caused the stock market to fall about 4%.
The amount wiped off share values? Oh, about $610 billion. In six and a half hours.
Indeed, since the start of this month U.S. shares have lost nearly $1 trillion in value, and since the start of May the figure is a staggering $2.2 trillion. This is the financial cost of this crisis to America's savers and investors. It has come out of 401ks, 403bs, IRAs, mutual funds, college savings plans and pension funds.
Second: This bailout probably isn't going to cost the taxpayers anything like $700 billion anyway. That's the figure being bandied about. But it's just the tag put on the upfront investment. OK, no one on Wall Street knows how to value these subprime assets and related derivatives. And nobody wants to own them right now. But they aren't going to be worthless. If Uncle Sam buys them, holds them for a while, and then sells them in an orderly fashion, he should get a lot of the cost back – maybe even most of it.Did you read the whole thing? Good. Now feel free to return to your talk radio, Daily Kos, Hot Air or Huffington Post and continue to hyperventilate.