Monday, November 24, 2008

U.S. government pledges $7.76 TRILLION DOLLARS for financial bailout

$700 billion wasn't enough . . . not even close.  According to this Bloomberg report, "the U.S. government [the Federal Reserve, FDIC, and Treasury Department] is prepared to provide more than $7.76 trillion . . . to rescue the financial system after credit markets seized up 15 months ago."

The numbers that we're talking about are too big for individuals, even individuals like Bill Gates or Warren Buffet to conceptualize.  But think of it this way, "the money pledged is equivalent to $24,000 for every man, woman and child in the country.  It's nine times what the U.S. has spent so far on wars in Iraq and Afghanistan."

This is staggering.  Absolutely staggering.

The government doesn't have the money (not even with all the tax increases or growth you can imagine) yet it is jumping into management/manipulation of the economy headfirst.

The madness must stop.  And it will - one way or the other:  the government must stand aside and allow the free market to operate or face its own, inevitable, bankruptcy.

1 comment:

JudyBright said...

Yeah, get ready to pay $100 for a loaf of bread.