Bailout By The Numbers: Total Fed Committments Now Total $13.9 Trillion...All Of Which Must Be Borrowed
Jun 16, 2009 at 11:51 PM
DailyBail in Federal Bankruptcy, bailout, bailout by the numbers, bailout committments, bailout opinion, bailouts, federal bankruptcy, federal debt, federal deficit, government bailout, talf, tarp, we are broke

Now that we have allocated a potential $13.9 trillion for the solution (roughly 7 years of total federal tax receipts OR 100% of GDP---you choose the metric that makes you the least angry), it's nice to hear that the problem is solved, that the banking and credit crisis has run its course.

Excuse my language, but that's $13.9 trillion FUCKING dollars.  That's a hell of a special committment given that we are flat broke and every single, solitary buck must be borrowed.

Oh, and by the way, the banking and credit crisis has a long, long way to run, still.  We are very likely talking about a lost decade for the United States as our short-term focused political structure has done everything possible to re-inflate the bubble thus perversely guaranteeing that the deleveraging will last a really, really long time. 

So long in fact that our Teflon, two-party political structure could finally be brought down by the rise of a people's candidate to rival Thomas Jefferson and Andrew Jackson.  The anger will grow with every lost year and both parties will suffer substantially.


Full report PDF from the FDIC.

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