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Bloomberg: U.S. Government Now on Hook for $8 Trillion+
By:
TraderMark
Wednesday, November 26, 2008 3:45 PM
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And the "common man" wins from this socialism - rather than the Upper East Side Manhattan man. Nah, but that's not American -
Cramerica
- for the corporation, by the corporation.
From a
"dated" story
48 hours ago (note the amounts have increased since)
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
.
Federal Reserve
lending
last week was 1,900 times the weekly average
for the three years before the crisis. The bailout
includes a Fed program to buy as much as $2.4 trillion in short-term notes, called commercial paper
, that companies use to pay bills, begun Oct. 27, and
$1.4 trillion from the FDIC to guarantee bank-to-bank loans
, started Oct. 14.
Citigroup
received $306 billion of government guarantees for troubled mortgages and toxic assets. The Treasury Department also will inject $20 billion into the bank after its stock fell 60 percent last week.
“It’s unprecedented,” said
Bob
Eisenbeis
, chief monetary economist at
Vineland
, New Jersey-based Cumberland
Advisors
Inc. and an economist for the Atlanta Fed for 10 years until January. “
The backlash has begun already
. Congress is taking a lot of hits from their constituents because they got snookered on the TARP big time.
There’s a lot of supposedly smart people who look to be totally incompetent and it’s all going to fall on the taxpayer
.”
“There is a
lack of transparency here and, given that the Fed is taking on a huge amount of credit risk now, it would seem to me as a taxpayer there should be more transparency
,”
Kasriel
said.
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