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Tinseltown's Limousine Leftists Threaten to Strike Again
Moonbattery —
... . It's out of touch with the whole planet. As the stock market tailspins in the aftermath of Obama's election and our soon-to-be socialist government pledges to bankrupt whole generations by handing out $7.4 TRILLION of our money, the Screen Actors Guild has threatened to ...
Peanuts
Eschaton —
Peanuts I guess the Very Serious People are incapable of seeing how absurd this all is. Nov. 24 (Bloomberg) -- The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.
$7.2 Trillion
The Agitator —
The government has now pledged more than half America’s annual GDP to bail out the financial sector.
And they’re still going.
Absolutely astonishing.
The Voodest Economics of Them All
Hit & Run —
If you've successfully managed to keep your breakfast down for this long, don't read this Bloomberg News analysis of the bailout extravaganza. Your lead paragraph: The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago. Gulp. Ignore the misuse of the word "rescue," and the challengable assertion that you couldn't get credit in August of 2007, and plow ahead into one of the most gruesome tabulations since the Jonestown ...
Remarkable Chaos
Open Left - Front Page —
I'm having trouble wrapping my head around the politics of the current bailout and transition. The government is now going to lay out $7.2 trillion in lending to the financial system, which Congress ratified with the bailout vote. And that TARP program is rumored to be enlarged to $1.2 trillion from its current $700 billion amount. Citigroup is being bailed out with a remarkably awful deal for taxpayers, where the government takes a small percentage of the company in return for hundreds of billions of dollars. Robert Rubin, who should be living in disgrace, is going to be an important force in the White House, Larry Summers, ...
Bend Over
Agitprop: Or How I Learned to Stop Worrying and Love the Propaganda —
You’re going to get fucked, and you’re going to like it.
Bloomberg:
Nov. 24 (Bloomberg) — The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system ...
The Big Double-Down
The Daily Dish | By Andrew Sullivan —
I'm sorry but this scares the crap out of me: The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago...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. (Hat tip: FP) ...
Piglets At The Teats of the Government
ECHIDNE OF THE SNAKES —
Remember that phrase or something similar from the 1990s welfare debate? The poor were piglets sucking at the teats of the greatest mummy sow of them all: the federal government. That's how Bill Clinton ended up ending welfare for good and all that, after the Republicans took over the Congress and needed their own blood-red meal: the poor. Except that welfare was never ended for the rich: The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in ...
Retribution is a public good
Newshoggers.com —
By Fester: Investment capital is risk capital. It should be at risk when the investment produces an amazing fiasco: Bloomberg: The U.S. government is prepared to
provide more than $7.76 trillion on behalf of American taxpayers
after guaranteeing $306 billion of Citigroup Inc. debt yesterday.
The pledges, amounting to half the value ...
Bill for The Financial Crisis Now 7.7 Trillion: How To Spend the Next Trillions So They Work
Firedoglake —
by TW Collins
7.7 trillion won't be the final tally, either. Given how much the Fed, Treasury and other federal entities have pledged it's really hard to understand how little they've accomplished. 7.7 trillion is, well, real money but credit in the real economy is still constricting and jobs are melting away faster than an ...
$7,700,000,000,000
TigerHawk —
I don't care how big your economy is, that's a lot of money . 2 Comments: Here is a story from the official Russian news agency RIA Novosti: > ...
The Next Bubble: Treasuries
Firedoglake —
In the last ten years we've had three bubbles: the stock market bubble; the housing bubble and the commodities and oil bubble. The next bubble is on its way, and it's the Treasuries bubble. As Bloomberg noted, the bill for the financial crisis is now up to 7.7 trillion. Most of that hasn't actually been paid for yet, and paying for it means issuing treasuries to expand the Fed's balance sheet to meet the size of its obligations, as well as money for Treasury, the FDIC and so on.
It won't be the full 7.7 trillion, but it's in excess of 5 trillion still to be issued. That's one hell of a lot of treasuries. The influx of money into ...
