If Americans want to get ahead, they are going to have to work harder. Apparently we worked all of 2008 just to pay for the bailouts: [Hat tip Freedom's Phoenix!]
March 31 (Bloomberg) — The U.S. government and the Federal Reserve have spent, lent or guaranteed $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.
President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending.
“The president and Treasury Secretary Geithner have said they will do what it takes,” Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said after the meeting. “If it is enough, that will be great. If it is not enough, they will have to do more.”
"They will have to do more?" What does Blankfein mean- we’re the ones that are stuck with the bill.
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When viewing figures as startling as those produced above, we must also remind ourselves that all government spending is included in GDP!
Is that spending then offset for increased debt? Ya gotta be kidding.
“Torture numbers and they will confess to anything.” — Gregg Easterbrook
This whole bailout thing is messing with my head.
The company I worked for had some presentation slide saying how some product was expected have a 1/2 billion dollar market. I found myself thinking “That’s it? Only 500 million? That’s not even worth our time, is it?”.
Sadly, given the above, I suppose it isn’t..
Igor may think I’m ‘crazy,’ but I’ve been studying the Government… you know, the guys & gals smarter than me… and I’ve built a new strategy for the future of me and my family.
It’s a 3 point plan, and I share it with you for free before I come out with my new book, seminar bootcamp intensives and associated marketing spew and YouTube spam.
Here they are, in their simplest form:
1. I will drink my way out of alcoholism.
2. I will eat my way out of obesity.
3. I will spend my way out of debt.
As that weird sounding guy from the GEICO commercials would say: “Governmentally influenced people acting governmentally… BRILLIANT!”
Any of us could’ve been elected to write bad checks for trillions of dollars with other people’s money. And still all I ever hear from my colleagues is that “this can’t be any worse than Bush.” By the time Joe Sixpack realizes that it actually is worse, it will be too late, if not already.
But it is critical to keep people employed so they don’t think about things like protesting or starting up a new political party.