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WASHINGTON – On a single day filled with staggering sums, the Obama administration, Federal Reserve and Senate attacked the deepening economic crisis Monday with actions that could throw as much as $3 trillion more in government and private funds into the fight against frozen credit markets and rising joblessness.
Separately, the Federal Reserve announced it would commit up to $1 trillion to purchase bonds or other assets backed by consumer loans. The Treasury will guarantee a portion of the Fed investment by putting up $100 billion, an increase from a $20 billion commitment that Bush administration had announced. The goal of this program is to make it easier for consumers to buy cars or obtain student loans, small business loans or other types of credit that have dried up in recent months. Separately, Geithner said $50 billion in bailout funds would be dedicated to an effort to prevent mortgage foreclosure of "owner-occupied middle class homes." Few details were provided.
Geithner, who helped develop the $700 billion bailout last year as president of the New York Federal Reserve, said officials misjudged the severity of the developing crisis at the time, "failed to arrest this crisis and may have made it worse."
I am starting to REALLY see RED, over things......... people DO HAVE TO WAKE UP!!!
Honestly, I am over it all!!! I am ready for the charades to be over with... why dont' they just come on out and say.......... hey everyone.... we have no more money........neither do you..........
If the GDP falls 20% (10% less than during the great depression): 11.44 trillions GDP VS 23.4 trillions in debt: 205% of debt! Worse than Zimbabwe! The US is the most in debt in the world!
This is only the begining, we can expect to see "bailouts" every few months now.
Which is like scuba diving in the Pacific Ocean for elephants.
No, it isn't right. It is morally wrong to saddle my great grand children with 100's of thousands of dollars of debt, I don't even have my first child yet.