Congressman Zach Wamp of the 3rd District of Tennessee recently sent out a letter to his constituents about his dissatisfaction with the lack of oversight in the recent Trouble Asset Relief Program (TARP) known more commonly to many as the “$700 billion bailout.” The letter follows:

The three major US automakers are now asking for an economic bailout. Unlike the airline industry which has declared bankruptcy in the past, automakers face a larger backlash from consumers as the stigma of bankruptcy can cause massive lose of confidence in support, maintenance and warranties of the products. Foreign automakers, although suffering from the current economic conditions, are still staying afloat in a world which GM, Ford and Chrysler did not prepare for.

With so many huge numbers being thrown around, the question must be asked, what is the real cost of the bailout? The answer: $3,222.78 per US Citizen. The number was the result of research done by Noah Holcomb, a mechanical engineer whose professional work includes quality control and cost analysis in the manufacturing industry. The following is his analysis of the bailout, complete with sources to the original data:

By now, everyone is talking about the economic crisis. From the workplace water cooler to bathroom chatter, everyone is mentioning it. And the situation is affecting everyone, or is it? Gas and food prices have been going up long before recent bank collapses and the problem in the housing market may have caused many home owners to lose their houses, but there are still plenty of apartments for rent. Is the government’s $700 billion bailout truly necessary, or is it simply placing more money into the hands of unscrupulous bankers whose poor decisions may not have the snowballing effect everyone is predicting?