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Holy Mackeral!
Written by Seth Chalnick | November 24, 2008 7:46 AM General Area in San DiegoNo comments | 92 viewsAs posted today by Richard Shaw on Seeking Alpha (a great news source that aggregates informed opinions), about an article published by Bloomberg...
"The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago."
A pledge of this size is uprecedented. It makes the existing government "bailout" pale in comparison. That was only $700B. In case its hard to keep up with these unthinkabled numbers, a billion has 9 zeros. A trillion has 12 zeros."
As both Bloomberg and Richard Shaw point out, "this amount is roughly half the value of everything produced in the U.S. last year"... 50% of last year's GDP! Or 1.5 times the existing treasury debt!
And its not even in the mainstream news!
Why?!
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