Another $1 trillion government plan
The US Treasury, in conjunction with the FDIC and Federal Reserve, has unveiled a plan to purchase up to $1 trillion in toxic bank assets. The US stock market, as well as global markets, are skyrocketing on the hope that this latest plan will solve the problem of debilitating bank debt.
Today’s Treasury announcement, combined with the $1 trillion Federal Reserve plan proposed last week, amounts to approximately $2 trillion of new printing, borrowing, and spending in less than a week.
Despite the momentary, emotionally based bear market rally, national debt and the federal budget deficit just grew a whole lot bigger.
It now appears as if the CBO’s recent, upward revision of the 2009 budget deficit to $1.8 trillion was far too conservative.
Very, very disturbing.
Read the article here.
Another $1 trillion government plan « America’s Independence Day … said:
[...] Another $1 trillion government plan « America’s Independence Day … [...]
March 23rd, 2009 at 9:44 am
helen said:
I'm listening to all the pundits from both sides of this issue, as well as the self-serving Fed and congress, and all I'm getting is the feeling no one knows what the heck they're doing, and we're all being lied to. What a situation, when you can't believe anyone! I still have, thank God, a brain that works, and a set of principles to guide me, and a great faith in the American people, who when stirred up are a force to be reckoned with. I love this iden of the grass roots movement, and the march on government of all stripes with our teabags and our votes….as far as this buyout of bad assets, we seem to be buying them ourselves with money borrowed from ourselves that isn't even in existance yet…It doesn't take rocket science to know a kakamame idea when it comes along. Please God, will common sense ever reign again?
March 24th, 2009 at 9:18 am
Roberta said:
I agree with Helen — if the Fed dips into the FDIC funds - then that will go the way of all flesh, just as Medicare funds are. Government has to stop trying to control everything, and just govern, as the Constitution explicitly states!!
March 24th, 2009 at 12:00 pm