Fed Pledges Top $7.4 Trillion to Ease Frozen Credit (Update1)

Fed Pledges Top $7.4 Trillion to Ease Frozen Credit (Update1)

bloomberg.com

Nov. 24 (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.

The unprecedented pledge of funds includes $2.8 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 only 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.

(visit the link for the full news article)

What in the Hell!! We knew the $700 billion would bubble over but, Holy S***. You must read the entire article to really get the full affect. The handouts are mind numbing.

However, with all of this money being handed out to banks, National City Bank was refused any of this TARP money to help them out of some "rough times". NCB is on the verge of a buyout by PNC who incidentally received funds from the TARP program. ENough money to basically cover the buyout.

I have just about heard enough of this. Send the money to us.

bloomberg.com
(visit the link for the full news article)

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