2008-12-02

How many trillions?


You may think it's only $700 billion here, $800 billion there, but there's been a whole lot more going on behind the scenes...

Bloomberg 11/24/2008:

U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit

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.
...
It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.

http://www.bloomberg.com/apps/news?pid=20601109&sid=an3k2rZMNgDw&


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