Feb. 9 (Bloomberg) — The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.
Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program (TARP) passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients’ names have not been disclosed.
“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP?When? Why?”
The treasury has been printing money so fast the presses are probably worn out. BEFORE the first TARP payments (bribes) they released 900 BILLION then another 1.1 TRILLION just ater the first half of the bribes went out. God knows how much they have pumped in since then.
WMD: I do not see this stopping. I see this as a roller coaster with its brakes purposely having been removed.
BZ
I am sure you have heard by now that Universal health care is inserted in the plan. Yes, old people who are terminally ill won’t get treatment.
We all know doctors don’t know how long someone will live. I know of some elderly people that beat the odds and I mean beat the odds and lived..
It is now up to our government to decide how long someone should live.
Thanks libs!!
You guys, we can’t let the socialists take over. They have taken control of the census so that Rham can cheat on the numbers to ensure them power for a long long time.
We can’t let our country be taken over by socialist communists!
sorry, but this is getting worse. This Obama presidency is getting horrid a lot faster than I thought it would.
this is really concerning.
If you keep printing it, how long will people keep buying it? We are at a frightening tipping point with regard to the dollar. In the Weimar Republic it took a wheelbarrow-load of paper to buy a loaf of bread.
The by-product of what we’re doing WILL produce inflation. It is just a matter of time.
And ANY cash “promised” by the government ALWAYS comes with strings attached, both in terms of SOCIAL ENGINEERING and PHYSICAL ENGINEERING.
BZ
Since when has sanity ever been a strong point for a leftist.
So of our $14 trillion economy about 25% of it is money pushed into ill-made vehicles by our government?
Ahhh… ‘bubble economy’ just like Japan, the Asian Tigers…
Mind you, Republicans had years to fix this, and did zilch.
Do I remember what was promised in 1980? Smaller government? Fiscally responsible government? Why yes, yes I do.
Did the Republican Party carry through?
Why no, no it didn’t.
Is this *just* a Democrat problem?
Ah, no, that is not the case.
And no one has bothered to REPEAL the damned laws that made this happen in the first place. No one has even brought that up in a major public forum, like say, the RNC… Congress…
Until there is a party that will actually look to repeal *bad laws* and reduce the size of government, and actually *do so*, I will pay as much attention to the R party as I do the D party, which is extremely little attention. One lies to me about the lovely fiscal things that they will do, and the other about the lovely social things they will do and *both* are destroying this Nation.
And, in your heart of hearts, do you really think that Sen. McCain would not have done his bi-partisanship tango? After the TARP fiasco? Mr. Suspend My Campaign To Shovel Money Out The Door?
I wonder why 49% of Americans don’t vote and then I see Congress and have my answer.
Just the interest on the debt is enough to kill us, and it is going to be a LOT worse. Alan Greenspan started this bullshit about 10 years ago (under Clinton) when he talked about how well the country was doing and the debt would be paid off and the government shouldn’t turn into an investor. When you tell 545 politicians that there will be all kinds of money rolling in, what in hell did he expect them to do? Of course, they started spending it. What a friggin joke. And everybody thought he was such a genius. The VERY DAY he said that is when the 2 parties started a race to see who could spend the most the fastest!
It is insane… let’s just keep printing more money and wasting it all, & see who can spend it the fastest??? Money’s not going to be worth anything, inflation is going to skyrocket, and no worthwhile jobs will have been created… & this is the stimulus. Obama’s making a bigger mess sooner than I thought possible.