I was hoping to avoid writing about this. I guess I was hoping it was either a dream or that for some reason that it would just go away.
Well, it’s not going away. It’s getting worse. Bloomberg is reporting that the bailout is nearing $8 trillion.
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.
This $7.76 trillion amounts to half of everything produced in America last year. Wow. That is unimaginable that we have let it get to this point.
More from Bloomberg:
When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.
It is incredible that Congress is continuing to standby and let this number grow exponentially. I don’t think that this number even includes an estimate of what may come for the auto companies.
This only appears to be getting worse, and until we decide that we are not going to continue throwing money away, it will only get worse.
If you enjoyed this post, make sure you subscribe to our RSS feed!
Patriots like you speaking out against this type of financial tyranny it was prevents the complete and total take over! Thank you for your patriotism!!
Thank you for your comments. It is readers like you that we do this reporting for. Not enough people know about things like this because the media won’t report on it. Thank you for your readership.
If the goverment wanted to distibute this money evenly across the county 7.76 trillion dollars would give a little more than 25,383 dollars to every single person. According to the U.S. Bureau of the Census, the resident population of the United States, projected to 01/30/09 at 16:44 GMT (EST+5) is
305,714,286 Would that be more benficial than a new private jet for big business?
While that is a great idea, it will never happen. The people that the money would do the most good are not the people that would normally donate to politicians, because they don’t normally have extra to donate. As long as Wall Street donates millions to pliticians, most of them will protect them.