$3 trillion! — Senate, Fed, Treasury attack crisis

$3 trillion! — Senate, Fed, Treasury attack crisis

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."

news.yahoo.com...

Don't worry everyone, it will all be ok.

3 trillion is a small number....if you are comparing it to stars in the universe.

Remember...there are only 6 billion people in the ENTIRE WORLD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

For cripes sake people....wake up!!!




[edit on 10-2-2009 by David9176]

[edit on 10-2-2009 by David9176]

I know this statement has been posted countless times in many threads. When is enough ENOUGH?

And the 3 trillion pales in comparison to the 11 trillion national debt or the 53 trillion with added social security and medicare costs.

What are we going to do? Make the whole world pay our bills?

What a mockery of a country we have.

We have completely ruined everything that made this country great. All the countless lives lost to defend our flag and WE PISS IT AWAY!!!!

I woulda never have guessed??
Do they take postdated cheques??

Seriously I can't figure out how we know the inevitable while they keep clutching on to false hopes and false credit.
It makes you wonder.

reply to post by David9176



OH, but don't you know how hard certain people have worked, to make this all happen, don't you know the years that went into this meltdown?

I am starting to REALLY see RED, over things......... people DO HAVE TO WAKE UP!!!

But the majority don't want to......... that is why the banks and wall street and the govt officals have been able to get away with what they have.

But, as soon as people start losing all the services, schools, parks, healthcare............... they will wake up..... but sadly it will be tooo late.


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..........

Oh this is gonna get bad. Real bad... Let's make a little estimate of the mess the US will be soon.

Current debt: 10.7 trillions
First bailout: 9.7 trillions
Obama's bailout: 3 trillions.

Debt of the US when all those bailouts don't work: 23.4 trillions.

Debt to GDP: 164%

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!

Congratulations.

The only way to get us out of this mess would be a zombie apocalypse. That would sure restart the economy after the Great Panic has passed. Quick, someone make a zombie virus.

And we're just talking about the US here. Japan is going down, China...worse case scenario they turn into civil war or expand, Russia is falling apart, arabs countries are in trouble because of oil prices...

The solution proposed? A world government. Yeah, and it wasn't planned at all.

[edit on 10-2-2009 by Vitchilo]

reply to post by questioningall

I am starting to REALLY see RED, over things......... people DO HAVE TO WAKE UP!!!

I'm just tired of it. I hate watching the news because I know i'm just going to get angry but I feel that I have to know what is happening.

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..........

I almost have to agree with you. I don't want to see people rioting. I don't want to see chaos yet nothing is being done to stop us from going in that direction.

All the men who have died for this country to give us what we have and we are throwing it all away.

It's sad...just sad.

reply to post by Vitchilo

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!

I'm beginning to think this is going to be worse than the great depression. It's all going to fall apart...from the top to bottom.

Trickle down theory anyone?

David, I was on cspan just recently and heard Geithner giving a 23 minute speech about this, it sounds like the same "help the little people" bullcrap.

Here is the link......

CSPAN VIDEO

I also looked up Financestability.gov as Geithner stated in his speech on google, man this thing has WTO written all over it.

Here is one page I thought interesting in Sweden.

LINK

Am I to assume that they are going to start raiding all the pension funds around the world to pay for this. another Ponzi scheme.

Is there a relation?.

Not only will they raid your pension funds but also your 401k!
Yeah!!!! You know its bad when CNN starts ripping the bailout plan!

money.cnn.com...

money.cnn.com...

money.cnn.com...

There is so much going on right now it's pretty much impossible to take it all in.

Everywhere I look, money is being hoarded from the taxpayer or they coming up with new ideas to take it.

They will raid these funds if gets to the point where they feel they have no choice.

Seriously, this is starting to give me a headache.

It's Bad News overload!

reply to post by David9176


This is only the begining, we can expect to see "bailouts" every few months now. They're going to do this as long the American people are laying down and taking it.

We already spent 9.7 trillion(pending signing of this "stimulus" package), lets go ahead and spend MORE money in the TRILLIONS to fix this mess that will surely work.

What all this really sounds like which they don't want to admit is the failure of a fiat currency. I think what they are really trying to do is spend their way to confidence in the currency. Which is like scuba diving in the Pacific Ocean for elephants.

When ever I hear Obama speak and he gets loud applause's I can't help but think of the line in Star Wars III, where the princess says, "and this is how the republic dies with thunderous applause", or something like that.

reply to post by crw2006

This is only the begining, we can expect to see "bailouts" every few months now.

I know.
If you think there are battles now in Congress, we haven't seen anything yet. If it continues like this last bill, people are going to be raging mad.

You can't turn on the news everyday and see that there is always some big bailout or spending bill trying to pass through Congress. Eventually it will stop...it has to. Either the whole country will implode or the public will rise up to try to stop it before it gets any worse.

reply to post by Hastobemoretolife

Which is like scuba diving in the Pacific Ocean for elephants.

Lol..this must be the same magical land where they think human beings crap money.

Cripes.

It's just not right. So many innocent people...all they want to do is earn a living and they are having all of their money hoarded from them.

This isn't the American Dream. This isn't what this country is supposed to be about. I don't expect everything to be given to me...I just want to live my life without having to worry about some politician's grand scheme on how they want to change the world.

I just want to BE. Is that to much to freakin ask? Our government has to screw up everything!

EVERYTHING.

reply to post by David9176


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.

Everything about this is wrong, unfortunately they are not going to stop unless people make them.

edit - missed 'not'

[edit on 10-2-2009 by Hastobemoretolife]

Yeah we are pretty screwed....

It started out as a sick satisfaction that i saw it coming and that my deductive logc would be proved correct, but that is gone now.

Everyone focus on giving me superpowers and ill fix this. Just concentrate and say "let Wertdagf be like superman".

Id do a good job!!!!!

reply to post by Hastobemoretolife

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.

I am with you 110 percent on this.

I'm expecting my first kid. The due date?

JULY 4, 2009

Whacked? Am i going to have to explain to my daughter when she is older on how she was born on the date of the creation of the former USA? Or am I going to have to explain to her why she has to pay 80 percent of her salary in taxes? Am i going to have to explain why she has to pay 10,000 dollars for a loaf of bread?

Sometimes i question myself for bringing a child into this. This isn't fair to her. She doesn't deserve our mistakes. Why don't other people feel this way? Why? Someone tell me?

Someone tell me why they are more important than their kids, grandchildren, and great grandchildren that are not even in existence yet.

Is this the legacy we want to be known for? We, the idiots, who didn't learn from our mistakes, let the government go nuts in hopes of saving the livelyhood that we have destroyed?

I am so thoroughly disgusted, words will never fully explain how angry and sad I am right now.

Cripes.

[edit on 10-2-2009 by David9176]

So these bank bailouts are insuring that Grandpas money he worked his entire life for, can draw interest for the banks for another short period of time before they take it all away from him because he does not believe in diversifying into gold or silver, and totally trusts the banks... OK. Got it!

So the banks are being paid off to not do what they did to the American people on October 29th 1929... Or at least hold off from it for a bit longer as the top elites have not had their homes fortified enough yet.

reply to post by David9176


Congratulations on having your first child.

No, reproducing the next generation is what life is all about, imho. Its the miracle of life, besides it lets us pass down information, knowledge, and history to the next generation.

Who knows what will happen, but I wouldn't worry to much about it. There really isn't anything that we can do about. The best thing is to just stay informed and keep up with what is happening, and go on with life.

Just hope for the best and prepare for the worst.

reply to post by Hastobemoretolife

Thank you.

You are right. Who knows and not much can be done. Just have to hope for the best and prepare for the worst as you said.

Now if I could only find a huge stash of gold....

Don't have the money to buy it...maybe I can steal a CEO's 25,000 dollar garbage can and trade it for gold.