With recoveries like these, who needs recessions?
This several months old, from Nov 2008, but it’s important to keep the figure in mind: $8.5 trillion. Much was made of the $800 billion which congress actually voted on, but most of the $8.5 trillion came from the super-secretive and largely unaccountable Federal Reserve.
Let’s not allow ourselves to be surprised when the dollar very quickly and very painfully loses its value.
“The federal government committed an additional $800 billion to two new loan programs on Tuesday, bringing its cumulative commitment to financial rescue initiatives to a staggering $8.5 trillion, according to Bloomberg News. That sum represents almost 60 percent of the nation’s estimated gross domestic product.
Given the unprecedented size and complexity of these programs and the fact that many have never been tried before, it’s impossible to predict how much they will cost taxpayers. The final cost won’t be known for many years. . . .
Most of the money, about $5.5 trillion, comes from the Federal Reserve, which as an independent entity does not need congressional approval to lend money to banks or, in “unusual and exigent circumstances,” to other financial institutions.” (Read more from sfgate.com)