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Fed Pledges $7.76 Trillion in loans
Posted by: McQ on Monday, November 24, 2008

That's trillion, with a "T":
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.

The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
I mean, what do you say about that except "this is absurd".

And then there's Obama's ever increasing stimulus package.

Meanwhile, just to twist the knife a little:
AIG, Citibank and a number of other federally bailed-out financial institutions have no plans to cancel hundreds of millions of dollars in sports team sponsorships, even as they take billions in taxpayer support, ABC News has found.
Sweet deal, huh?
 
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Previous Comments to this Post 

Comments
Seriously, how do I get declared "Too Big To Fail"? I want in on this action...

$306 Billion for CitiGroup, and this isn’t the first time at least one of their major units has done this kind of thing.

Anyone remember what CitiBank USED to be?
 
Written By: Scott Jacobs
URL: http://
Typical

Everything the Mets touch turns to sh*t
 
Written By: shark
URL: http://
Obama’s stimulus: $700 billion
Bush’s bailouts: $7.7 trillion

Lucky for you the Socialist won the election or the government would own all the means of production in couple of years.
 
Written By: Retief
URL: http://
Lucky for you the Socialist won the election or the government would own all the means of production in couple of years.
Yeah, because the Dems are SO against these bailouts...

Oh, wait... Who could shoot them down if they wanted? Oh yeah...
 
Written By: Scott Jacobs
URL: http://
This is unbelievable. The Feds don’t have any money. Who do they think they’re fooling when they say they are providing $7.7 trillion? This is meaningless. Here watch - I, Bill, will provide $100 trillion to save the economy. There. Does that fix anything? Didn’t think so. Neither will the Feds’ silly gesture.
 
Written By: Bill
URL: http://
"Obama’s stimulus: $700 bil..."{whack}
He hasn’t even gotten started yet, fool.
 
Written By: Billy Beck
URL: http://www.two—four.net/weblog.php
Struggling Citibank just sealed a multi-billion-dollar emergency "backstop" deal with the U.S. government. The financial behemoth, suffering with billions in bad mortgage-related assets on its books, recently shed 53,000 workers and saw its stock price lose over half its value. Yet it’s in a 20-year contract to pay the New York Mets $400 million to name the team’s new stadium "Citi Field."

I guess the people at who wrote the article aren’t real clear on the idea of "contract" and how they work?

It took until page two for them to mention Crittenden told CNBC the contract was "legal and binding" and "not an issue."

You don’t get to break a 20 year contract just because you got some money from the government.
 
Written By: Sigivald
URL: http://

There is a silver lining in all these clouds. Since all us baby boomers seem to have had our retirement savings, uh, somewhat depleted, we will not be able to retire and the social security fund will last a little longer.
 
Written By: timactual
URL: http://
Well, look; I understand your ire regards the sport venue sponsorships.
But are we really going to argue that taxpayer money shouldn’t be involved with the venues? Let’s remember, most of the money involved in building these places already IS taxpayer money, and more directly so, at that.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Yet it’s in a 20-year contract to pay the New York Mets $400 million to name the team’s new stadium "Citi Field."
Wait... It’s coming to me...
You don’t get to break a 20 year contract just because you got some money from the government.
IN fact, if you owe money, and then are given a PILE of money, you usually have to pay off your debts right off...

Hmm... The Feds giving Citi gobs of money, Citi had the Mets stadium renamed...

I GOT IT!

"Bernanke Field". Has a certain ring to it, don’t you think?
 
Written By: Scott Jacobs
URL: http://
This is all quite interesting, for this reason:

Prior to several years ago, the Left pushed the fantasy that FDR came in, spent a ton of money to create jobs, and ended the Depression through government spending. That delusion was crushed when a study came out (from a California university, no less) that showed that in fact the New Deal exacerbated the depression, that FDR’s spending spree did nothing to improve the country’s economic situation, that in 1941, at the end of Roosevelt’s second term, unemployment was worse than in 1933 when he took office, and that only the Second World War got us out of the depression.

And what of this has The Clown™ learned?

Nothing.

Because he is poised to do as Roosevelt did - spend the country into bankruptcy to prove that he can do it. And since the country has allowed the Dems almost complete control of the US government (as they did in 1933), there is little to stop them. At the same time, the mainstream media will report the millions of phony jobs that the spending will create, even as unemployment goes up, bankrupties continue, housing foreclosures continue, and the economy continues in its tail dive.

The question is: how long before someone, somewhere, comes out and says that Obama will fail with this one-tried formula? Or, after he does it, and when Thanksgiving 2009 rolls around nothing has improved, that he has already failed and spent us into oblivion?

We are now so deep into fear, denial, and a gross ignorance of history that it is impossible to stop this train headed off the tracks and off the cliff.

You may call me alarmist, but I have seen what is going on out there, and see that the country hired Howdy Doody to save it. And Howdy Doody, with no experience to do anything, is poised to make things far, far worse.
 
Written By: James Marsden
URL: http://
UGq9Cr shoxrnttwjma, [url=http://ojnwfuzuipsc.com/]ojnwfuzuipsc[/url], [link=http://vzzpalgvpkyl.com/]vzzpalgvpkyl[/link], http://wtzaokejufrl.com/
 
Written By: 5
URL: http://jvaztxurcxpz.com/
no James, you are not off the mark. It is going to be a heck of a trainwreck.

But unlike the 1930’s the media cannot hide the problems behind worship of the dear leader for too long. I predict buyers remorse bigger than anything that we have ever seen before.
 
Written By: kyleN
URL: http://impudent.blognation.us/blog
How about a little direct to the taxpayer bailout action?
I need around forty grand to put me even and be out of credit debt.
That would payoff my car which would be good for Chrysler and my credit card which would be good for the bank.
No?
I Guess I’ll just have to keep making my payments.
 
Written By: firefirefire
URL: http://
I agree with the "Howdy Doody" comments and all — and yes, he probably will make it worse — but let’s be honest, the current "Howdy Doody" in the White House is the one that is doing all this now.

To me, Republicans have become just about as bad — nee, socialist — as the Democrats.
 
Written By: William Thomas
URL: http://
firefirefire - How about a little direct to the taxpayer bailout action? I need around forty grand to put me even and be out of credit debt... I Guess I’ll just have to keep making my payments.

This is what really, REALLY p*sses me off about the whole bailout thing: the idea that people who were stupid are going to be rewarded with fat piles of cash while those of us who played by the rules, made our payments, tried to keep our debts under control, and in general lived our lives with a modicum of common sense get hosed with the tab.

All this bailout crap does is push the problems down the road while giving us MORE trouble in the form of skyrocketting national debt. Who the hell is going to pay off that $7.7 trillion???? The government is acting like it has an unlimited supply of money. Well, I guess it does: Congress can always tax the hell out of us any time they want and / or borrow from the Red Chinese or the Saudis or some other country that doesn’t really like us. What wonderful ideas!

Oh, and as for "direct taxpayer bailout"... Well, it might not be direct bailout, but apparently The Annointed One and his stooges on Capitol Hill have lots of plans for lots and lots of new government programs. I’m sure that any of us can get in on some of that action. Hmmm... Not a bad idea, that. Why not try to get at least some of our tax money back, whether we need it or not?
 
Written By: docjim505
URL: http://
Of course, this just reinforces what I’ve been saying about the decline of America. Next problem: the crash of the dollar: http://scotterb.wordpress.com/2008/11/26/whats-up-with-the-dollar/
 
Written By: Scott Erb
URL: http://scotterb.wordpress.com
docjim; Every American should sign up for every 0bamabuck$ program that comes down the pike.
Remember that if some Americans have to give up a slice of their pie so that others less fortunate, can have some pie,it behooves every single one of us less fortunate to grab as much pie for ourselves as we can.
Yes We Can,,,have us some pie.
Where’s My Pie????
sad sh*t that it’s come down to this.
 
Written By: firefirefire
URL: http://

 
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