A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. governmentâs watchdog over the effort says â a staggering amount that is nearly double the nationâs entire economic output for a year. If the feds end up spending that amount, it could be more than the federal government has spent on any single effort in American history. For the government to be on the hook for the total amount, worst-case scenarios would have to come to pass in a variety of federal programs, which is unlikely, says Neil Barofsky, the special inspector general for the governmentâs financial bailout programs, in testimony prepared for delivery to the House oversight committee Tuesday. The Treasury Department says less than $2 trillion has been spent so far. http://www.politico.com/news/stories/0709/25164.html
it feels like the FED or gov't can do whatever if feels like doing and there is nothing the average joe can do about..and this suppose to democracy. the beginning of democracy was no taxation without representatation.. or the FED is desparate they have no choice but to bailout as the country is blackmailed by wall street banksters who own the economy.
After going this far and spending trillions to bailout the system it really doesnt matter what it cost, it doesn't matter what the deficit is or how much more they are going to spend to keep the economy going. At this point so much has been spent that if they spend $5 trillion, $50 trillion or $500 trillion it wont make a difference. Took me a while to notice but its only money, worthless money, and the more they spend wont make any difference one way or the other. Bubble ben bernanke will do what ever it take to prop the economy up.
I did not understand the Politico report so I posted it here for discussion. Elitetrader has intelligent members.
It's two years after the crisis, and in fact less than 2 trillion has been spent. An event on the order of the sun exploding would have to happen for that worst case scenario to even begin to come true. This is just fear mongering.
The thing about all this spending is the more they spend the more value the dollar loses, which requires more spending to generate the same effect. It's kind of like a marketing campaign that eventually generates diminishing returns. No worries though. Sleep tight until they start talking about Quadrillions.
Fears grow of euro-style debt crisis in US states http://news.yahoo.com/s/afp/20101221/ts_alt_afp/useconomydeficitlocal US Fed extends dollar lifeline for central banks http://news.yahoo.com/s/afp/20101221/bs_afp/usfinancebankingmarketsinject meanwhile- APNewsBreak: Nearly 1 in 4 fails military exam http://news.yahoo.com/s/ap/20101222/ap_on_re_us/us_military_exam Carlin sums it up long time ago... http://www.youtube.com/watch?v=acLW1vFO-2Q
You know you have started too many threads if you have to grab the headlines off something published 17 months ago. politico.com story By EAMON JAVERS | 7/20/09 3:19 PM EDT Most of these numbers have been proven to be false, such as the $750 billion TARP now estimated to cost less than $50 billion.
thank you George Bush II for all your hard work, and your brilliant economic policies that made all these: [*]bailouts and [*] TARP's, [*]and Madoff's, [*] and mortgage crisis(es) and foreclosures, [*]and record individual bankruptcies, [*]and record Statewide and Municipality wide insolvancies, [*] and record undisclosed, unfunded corporate welfare programs, [*] and unwinding of the US middle class finances, [*] and for equally brilliant Alaskan speakspersons, [*] and .... [*] and ..... [*] and ..... Mission Accomplished!