The housing bill, which earmarks $300 billion to backstop mortgages after lenders agree to lower mortgage payments, is "a step in the right direction" but "doesn't do enough," he says, predicting the government will ultimately need to spend more than $1 trillion.

So says Roubini.

Let's just start with the first, smaller figure of $300 billion.

In comparison, Obama's health care plan is estimated to cost $50 to $65 billion per year.

Kerry's health care plan, if I recall correctly, was estimated to be about $70 billion per year. We couldn't afford it, opponents argued.

If we spend this money to prop up the housing market -- and to protect the malfeasance of the nation's bankers -- what do you think will be the first thing to come out of the mouths of those who want a President Obama to enact a health care plan, or to spend his measly $150 billion over 10 years to make a tortoise-like transition to clean energy?

That's right. We can't afford it. And they'll be right.

Via Big Picture comes this cartoon to illustrate the joke that Washington is playing on you right now:

Yes. For years to come.

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