Communion Of Dreams


Your share: $24,000.
November 24, 2008, 1:36 pm
Filed under: Emergency, Failure, Government, Politics, Predictions, Preparedness, Society

Forget what I said two weeks ago – we’re now up to $7.7 Trillion:

Nov. 24 (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 of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.

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.

That comes out to something like $24,000 from every man, woman, and child in the country.

Wave bye-bye to your money.

Jim Downey

(Cross posted to UTI.)

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