Trillions of $$ burnt in offerings to save world from hell

<b>U.S. offers $2 trillion bank plan but stocks slump</b>
<br /> Tue Feb 10, 2009 6:42pm EST
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<br /> <a href="http://www.reuters.com/news/video?videoId=98466&amp;newsChannel=wtMostRead" target="_blank">Play me Video</a>
<br /> By Glenn Somerville
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<br /> <b>WASHINGTON (Reuters) - U.S. Treasury chief Timothy Geithner on Tuesday unveiled a new bank rescue plan that would put $2 trillion to work mopping up bad assets and restoring credit, but stock markets plunged on fears it would not work.
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<br /> Global markets had intensely awaited Geithner's ideas for a plan mixing private and public funding to stabilize a financial system tottering under the weight of bad mortgages, but were disappointed over the scant details provided.
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<br /> The Dow Jones industrial average ended down 4.6 percent -- its biggest one-day percentage drop since December 1 -- with bank stocks hit particularly hard. U.S. government bonds rose as investors scrambled for safe-haven debt.
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<br /> In a speech on television and in Capitol Hill testimony, Geithner made his case for how the Obama administration plans to handle the roughly $350 billion left in a $700 billion financial bailout fund approved by Congress in October.
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<br /> Geithner said the lack of public confidence in prior rescue efforts had made it all the more difficult to stop "a dangerous dynamic" in which a lack of credit undercuts the economy and leads to more weakness among banks, worsening the recession.
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<br /> "This is very complicated to get it right," he said in an interview on Bloomberg Television. "We are going to try to get it right before we give the details so that we don't add further to uncertainty in these markets."
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<br /> He steered clear of saying whether the administration might have to ask Congress for more money to fix the banks, restore credit and counter recession, but did not rule it out.
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<br /> "We're going to consult with the Congress carefully to try to make sure the world understands that the resources necessary to solve this will be available over time," Geithner told CNBC, adding: "The important thing is that ... we send a basic signal, working with the Congress, that we will do what's necessary to fix this."
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<br /> The lack of details frustrated many market participants.
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<br /> "Investors want clarity, simplicity and resolution. This plan is seen as convoluted, obfuscating and clouded," said James Ellman, president of Seacliff Capital in San Francisco.
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<br /> But Thomas Priore, president of ICP Capital in New York, gave Geithner credit for candidly laying out the depth and difficulty presented by the problem of how to restart credit flows when banks are burdened by hard-to-value, weak assets.
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<br /> "He told it like it is. That's a start," Priore said.
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<br /> LEVERAGING PRIVATE MONEY
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<br /> Geithner defended his decision to put forward what he called a framework instead of waiting until a detailed proposal was ready.
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<br /> "If we wait and we take the approach that we don't lay that out, ever, until we've solved every problem and every detail, then I think that itself will create greater uncertainty," he said, acknowledging he was "very sensitive" to criticism about the approach

 

China already put in 2 trillion us dollars? Don't know China has so much money.

 

That money is/was their "dollar surplus". It took their entire history to accumulate it and now it's gone in the span of a few months.

 

their entire history??? LOL

chinese civilisation is 5000 years old.

during the 1700's the QING dynasty GDP was over 50% of the world total, the pre-eminent superpower of its day. much higher than the USA was at its peak

 

YOU CANT PRINT (MONEY) YOUR WAY OUT OF A RECESSION.
I wonder what schools did these guys went to.

 

Simple.....the SCHOOL of GLOBAL ENSLAVEMENT......globalist wealth entity style! :eek:

 

Also, no wealth has been destroyed. It has been transferred.

 

They were a real superpower in the 1930s against a tiny little neighboring island, weren't they?

 

I find it very difficult to calculate if wealth was mostly destroyed or transfered, mainly because we don't have the numbers, and even if we get any numbers most of it is probably BS

 

Real wealth is never destroyed my friend. Its nominal value could change of course, but it will just be transferred.