Saturday, November 15, 2008

Five-trillion-dollar frenzy

Remember when we were just bitching about a $700 billion bailout to favored banks in the financial industry? Well, break out your spare zeros. Forbes reports that the total is much, much higher -- and still growing.

For all the fury over Treasury Secretary Henry Paulson's $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government's response to the credit crisis.

According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.

Honestly, I'm starting to wonder if, having gotten away with mind-numbing outrages for decades, most of our political class is so jaded that they're doing all of this on a dare. "Hey guys! Let's throw a few hundred billion more at my brother-in-law and see if that starts a revolution. Nancy! I bet you my private island that they sit still for it."

I wonder what would happen if we marched on D.C., decorated the lampposts with the politicos who couldn't catch the last flight, and then defaulted on all that debt.



Blogger tjbbpgob said...

I would like someone to tell me how come so many people, who should know better, did not know that the 700 billion dollars was just open ended loan such as you get at the bank or credit union. People act like they're shocked, shocked at the notion that just 700billion was to be spent. This came out in the first few days on one of the cable shows I am sure. It sure makes the pundits look good now doesn't it, to be acting all up in the air about it.

November 18, 2008 2:52 PM  

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