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So, you thought $700 billion was an unimaginably large number? You were worried whether the U.S. Government itself was damaging its credit rating, not to mention costing each of us thousands of dollars for years to come in taxes and lost commercial and private borrowing power. Well, that was just practice. The fed now stands ready to "loan" $7.4 TRILLION to the financial institutions that got us into this mess. Do you really think we'll ever see most of that money again?
See Bloomberg.com for more details:
Also, see my previous article for the REAL solution to the derivative problem. The solution that solves the problem, is completely fair to all parties, will free up lending again, and won't cost the taxpayer a dime.
