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Tuesday, March 31, 2009

Most Definitely Not A Rescue

This is most definitely not a rescue.

Words that describe this…

Amazing.
Sad.
Insane.
Rage.
Hilarious.
Stupid.
Epic.
Fail.

Financial Rescue Nears GDP as Pledges Top $12.8 Trillion (Update1): “The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

12 comments:

Anonymous said...

I misread the word rage as rape at first glance, still quite fitting however.

Anonymous said...

Epic failure indeed.

But that won't deter future follies.

Anonymous said...

$12.8 trillion, and counting

Anonymous said...

beyond comprehension...What will you say when your kids ask you what were you thinking??

Doug said...

We will tell them the truth - our government was corrupt and being controlled by Wall Street.

I fear a populist uprising is getting more likely every day. There is probably going to be a lot of blood spilled before this is over.

Anonymous said...

Geez why did they not just outright give that money to poor people, to spend at their local shops?
Would that not have stimulated economic activity?

Tschäff said...

Some other [Funny Sad Tragic Absurd] things:

People have taken Over 1 Trillion Dollars Worth of Credit Default Swaps Against Governments. Who the fuck would do such a moronic thing? If The US gov goes does anyone thing the dollar will be worth the cotton its printed on?

There are 500 trillion dollars of CDS outstanding http://www.bis.org/publ/otc_hy0805.pdf?noframes=1 even if 90% is traded off the books that's still 50 trillion dollars. I hope the government isn't trying to rescue this.

Josh said...

You post a comment like this and still want to go short gold. You are looking down the barrel of a busted dollar.....Jeeez

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