Posted under Economics
Hyperinflation here we come.
The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
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The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.
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“Some have asked us to reveal the names of the banks that are borrowing, how much they are borrowing, what collateral they are posting,” Bernanke said Nov. 18 to the House Financial Services Committee. “We think that’s counterproductive.”
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Bernanke’s Fed is responsible for $4.74 trillion of pledges, or 61 percent of the total commitment of $7.76 trillion, based on data compiled by Bloomberg concerning U.S. bailout steps started a year ago.
“Too often the public is focused on the wrong piece of that number, the $700 billion that Congress approved,” said J.D. Foster, a former staff member of the Council of Economic Advisers who is now a senior fellow at the Heritage Foundation in Washington. “The other areas are quite a bit larger.”
Source: Bloomberg.
roho on 26 Nov 2008 at 1:04 pm #
“We think that would be counter-productive.”
Where’s tranparancy for the citizen?
Weaver on 26 Nov 2008 at 11:55 pm #
Roho,
I dunno how many dependents you have, but that $24,000 you lent out isn’t coming back.
roho on 27 Nov 2008 at 2:05 am #
Weaver……….I realize that and want to know where every dime goes? (Never have I felt like less than a citizen than during an IRS audit, when they wanted answers!)
The truth about “Hurricane Katrina” and the money throwed away for votes is still a great secret to America. I was in South Alabama and saw it first hand. Some conservative film maker should have made a documentary about it.
1. The $2500. credit cards were the hottest thing going in Mobile Alabama’s topless bar industry.
2. Some so-called-victim-refuges were assigned to the “Cruise Ship” industry, riding around the Gulf of Mexico for 6 months with full benefits as if they were a vacationer.
3. Some were assigned to our State Park System, provided with free lot space and a trailer. (Any that claimed to be too damn fat to shower in the shower, were reassigned to the hotel convention complex, which had to be completely rebuilt a year later if it could ever opperate again!)
4. Some that never even lost a home, received a home only to sale it at a profit, never leaving their original home.
And now “Obama” says that he wishes to form FDR style WPA programs to rebuild America’s innercity infrastructure?……Any of this craziness should ONLY flow through the Governors House of each State, with transparancy, and NOT ONE DIME DIRECTLY TO MAYORAL CITY GOVERNMENTS!…….This “SUB-CULTURE” of Corrupt Mayors in large Metropolitan Cities see Obama as the “Great Giver” of our “DESERVINGS”!……….And Obama has it cloaked under the term “MAINSTREET”.
5 years from now the “Super Rich” and “Super Poor” will have gone through this money like a sailor in a whorehouse, and the middleclass will ask “What Happened?”
If that happens, the guilty should be hunted down like the Nazi War Criminals after WWII!
Weaver on 27 Nov 2008 at 3:02 am #
Haha! I like that.
Indeed. Too bad we usually view such filming or perhaps the art of filming as below us somehow. Though being a “film maker” isn’t really working, so I can understand…
I hadn’t even heard of that. That’ll be lovely I’m sure…
Hopefully a reaction builds…
Weaver on 27 Nov 2008 at 3:08 am #
Anyway, don’t get too stressed out
You gotta stay fit to protect your loves ones I guess. Have a good Thanksgiving.
David B Allyn on 27 Nov 2008 at 3:44 pm #
Even the homosexual John Maynard Keynes would be surprised at these staggering numbers.
Frank Griglonis on 28 Nov 2008 at 5:12 am #
the great carnivores of “tooth and nail” capitalism and “izzy fed” funds’ petting zoo…
keep your eye on the turkey, parades, and football…you are becoming sleepy, very sleepy
Attack the System » Blog Archive » Updated News Digest November 30, 2008 on 29 Nov 2008 at 9:55 pm #
[...] US Government Pledges Surpass $7.7 Trillion [...]
Bill Lussenheide on 30 Nov 2008 at 6:45 pm #
Here are new numbers that you will have to learn before this budget mess is finished…
$Quadrillion – (one thousand million million)
$Googol – (the digit 1 followed by one hundred zeros)
$GoogolPlex – (A googol raised to the power of a googol)
If 7.7 trillion dollar bills were laid end to end, they would literally reach to the planet Mars and then back to Earth! (I kid you not!)
roho on 01 Dec 2008 at 8:36 pm #
Weaver…………………. My fears confirmed for my reasons that the President should turn NONE of this money over to the Afrocintric-Intercity-Metro-Mayors-Club!
My Birmingham Alabama mayor still had turkey in his digestive track when the FBI arrested him.
http://www.postchronicle.com/news/original/article_212189929.shtml
http://www.timesoftheinternet.com/24809.html
Like my Grandaddy said, “Stealin is Genetic boy!”