It seems that the ever expanding financial meltdown in the US is much more grave than the Bush administration would like to believe. Reports in different financial journals have put the potential collapse at US$ 700 trillion, assuming that along with sub-prime, credit cards, car loans, mortgages, and student loans become due immediately. But that is the cost to the American corporations and tax-payers. Over the past few days, many US states have been calling up their Senators and Representatives to get hold of some bailout money for their states, as they are facing bankruptcy.

Now, I remember back just a few weeks ago as Pakistan was dangling on the edge of bankruptcy and many Americans were more than happy to see Pakistan collapse.

Today, as the same faces the US government and American taxpayers, I am pleased to see that the troubled US states are adopting a policy that has worked very well for taking national assets of 3rd world countries and buying them for dirt cheap prices.

According to a report posted on the Huffington Post website, Minnesota, New York, Massachusetts and Illinois are thinking of selling or leasing toll roads, parks, lotteries and other assets to raise desperately needed cash, while 44 other states are looking for ways to cope with widening deficits:

Minnesota – $5.27 billion deficit without raising taxes

• privatize the Minneapolis-St. Paul International Airport and the state lottery
• one lawmaker estimated an airport deal could bring in at least $2.5 billion, and the lottery $500 million

Massachusetts - $1.4 billion deficit

• considering putting the Massachusetts Turnpike in private hands and save on highway operating costs

New York

• looking into leasing state assets, including the Tappan Zee Bridge north of New York City, the lottery, golf courses, toll roads, parks and beaches

Indiana

• brought in $3.8 billion in 2006 by leasing the Indiana Toll Road for 75 years.

Illinois

• Chicago to collect $2.5 billion by leasing Midway Airport, if the federal government approves, and has raised an additional $3.5 billion since 2005 through deals for the Chicago Skyway toll road, parking ramps and parking meters.

Pennsylvania

• In September, investors walked away from a $12.8 billion bid to lease the Pennsylvania Turnpike for 75 years after legislators failed to act on the deal

I can only say: Welcome to the 3rd World, America! Let’s see how you like it! I hear that the IMF is one of the best places for financially weak countries to get help.