A bit of perspective here, boss.
1.5 trillion looks like this: 1,500,000,000,000
24 million looks like this: 24,000,000
Even if we pay them nothing, we (the American taxpayers) get stuck to the tune of
one trillion four hundred ninety-nine billion nine hundred seventy-six millionor $1,499,796,000,000 That's a LOT of bake sales.
There are 117 million US Taxpayers. This means that we each owe $88, 223 dollars on top of what we already pay in taxes this year.
Okay... here's how we can offset this:
1. Everyone from the CEOs of the two lending giants all the way down to the nugs who actually approved the loans will have every last bit of their personal wealth and property seized, and it will be sold at auction.
2. Every executive on the respective boards of directors will be jailed until this debt is paid off.
3. The Chief Financial Officers (and their VPs) will be hung by the neck until dead.
(Yes, that's a bit harsh, even for me, but sometimes examples must be made that others can learn from, as apparently EnRon didn't teach anyone anything.)Now, as for all the people who decided to borrow beyond their means and buy houses they couldn't afford, their houses will be seized as well. Their salaries will be garnished to the tune of 50% until their debt to the US is paid in full.
Don't blame the economy. The economy is based on consumer confidence, i.e. how much people "feel" they can spend. If people think the economy is slow and spend less, the economy slows down. It's why "stimulus checks" improve the economy. In every measurable way, the economy is fine. (Which is why the fed has interest rates locked in at 2%.)
Immediately cancel all forms of foreign aid, except to Israel and The Georgian Republic. Immediately cease paying "UN Dues."
Immediately withdraw all forward-deployed troops, with the exception of Iraq, Afghanistan, and the Philippines. (Goodbye, Japan, Korea, and Germany--you'll have to figure defense out on your own.)
Change "most favored nation" trading status from China to Britain. Tariff the snot out of everything from fortune cookies and soy sauce to zoo animals.
Tell the A-rabs that every time a barrel of oil goes up by a dollar, we're giving a billion dollars more to the Israelis in foreign military aid, including air defense, anti-armor, stealth and nuclear technology.
Make rounding up and deporting illegal immigrants, who do not pay taxes, but use taxpayer provided services (like roads, hospitals, water, sewer, schools, etc.) a national security issue--as they pose a clear and present danger to the financial security of the nation. (By the way, this would be a GREAT use of troops who understand the finer points of conduction cordon and search operations, have no compunction about returning fire when fired upon, can effectively deal with local civilian populations and governments (to include rebuilding/building infrastructure) and, since they are not being used against American Citizens, they are not bound by the constraints of Posse Commitatus.
Finally, all these "liquidate your tax debt for pennies on the dollar" lawyers will have to STFU. If you owe, you pay. Every dollar.