Fed Bailout up to $7.4 trillion

[highnote]

from http://www.rgemonitor.com

Nov 24: The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the U.S. GDP, to rescue the financial system since the credit markets seized up 15 months ago. Bernanke’s Fed is responsible for $4.4 trillion of pledges, or 60 percent of the total commitment of $7.4 trillion. The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program (TARP)--> Regulators refuse to disclose who is receiving how much while Congress starts pushing for transparency and give authority over taxpayer money back to elected officials.

There are going to be some people getting awfully rich from this bailout.

How does that make you feel?

[ddog]

http://www.telegraph.co.uk/news/worldnews/asia/china/3525052/China-slashes-interest-rates-as-panic-spreads.html


watch this situation,when China has to start to shut off the easy financing to buy our junk but instead bail out their own commie ass then you will be at the 2nd phase and it will get bloody in a hurry.

Maybe we don't get it , hope not.
if we do , this place will never be able to float our debt, printing press will be a hot commodity.

[HUSKER55]

If you want to see "real change" take a bunch of DC politicians and those CEO's and burn them alive on the front lawn with a sign saing "You Are Next".


Change you can count on :D

[Tom]

Pretty much dwarfs the Iraq war tab, huh?

[ddog]

how can you tell, that babay is still running.

And then we have this little classic from Gm.

god these guys are STUUUUUUUUPID.


Nov. 27 (Bloomberg) -- General Motors Corp., criticized by U.S. lawmakers for its use of corporate jets, asked aviation regulators to block the public’s ability to track a plane it uses.

“We availed ourselves of the option as others do to have the aircraft removed” from a Federal Aviation Administration tracking service, a GM spokesman, Greg Martin, said yesterday in an interview. He declined to discuss why GM made the request.

Flight data show that the leased Gulfstream Aerospace G-IV jet flew Nov. 18 from Detroit to Washington, where Chief Executive Officer Richard Wagoner Jr. spoke to a Senate committee that day and a House panel the next day on behalf of a $25 billion auto-industry rescue plan.


earth to Richard Waggoner, this isn't gonna help.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afrKemH3i.2Y




:lol: :bang:

[dutchboy]

Since there is at best estimate 165 trillion dollars tied up in phony paper 7 trillion may look cheap in a few months.

Shopping malls and large hotels are next in line for huge defaults on their loans.

[The Judge]

You and I both keep saying how stupid these guys are, but it could be us. They haven't suffered any consequences for their actions. They keep getting richer even as they go broke. Pretty good work if you can get it.

The problem is we look at whats going on thru our eyes and set of rules and they don't apply to the privileged money class.

This is a run on the Treasury by a conquering Army; Obama is broke no health care for all no tax cuts nor tax hikes. They will be afraid to do anything but print more money and give to the money class we some chump change to keep us quite and spending.

If they had given the American people 3 trillion dollars and told us to go shopping for American cars and goods and to put 20 % in the bank while placing in some price controls, so that a Ford doesn't go up to $120,000 we would have spent our way out of this mess.