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

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

www.bloomberg.com

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.

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This is absolutly ridiculous. When are people going to get pissed off? When will it ever be enough. This is one of the most overstated things I can say but, these companys need to fail. I work in the automotive industry and I still dont think they deserve a bailout... Much less these greedy a**holes.

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

Just posted this a bit ago myself under global meltdown
www.abovetopsecret.com...

Originally posted by infolurker
Just posted this a bit ago myself under global meltdown
www.abovetopsecret.com...

Okay. Does this much money even exist? I know it sounds like a silly question but think how much money this is ... we're talking TRILLIONS of dollars! Where the hell is this kind of money supposed to be coming from? I know we didn't make that many middle-eastern sugar-daddy friends.

I cannot get a grasp on how much money this is. Further, I cannot get a handle on how we "lost" it in industries all of a sudden. I really don't get how everything went to hell all at once.

How is the nation ever going to repay the debt we already owe and put 8 or 9 trillion on top of it. Can someone tell me how?

I don't see this working out too well for any of us and it's a very scary situation right now. How can the people passing these "bail outs" do it in all good consciousness?

Are they thinking that some real cool strategies in the near future are going to make so much money for us that it climbs us out of the debt or are they just thinking short term ?


Frightening, to say the least.

This really doesn't make sense. Banks got in trouble by making risky loans, pressured by Government to push diversity. This failed now the Government wants to give them more money to continue the same practice?

Banks know they made a mistake the first time...yet the government wants them to do it again? Not going to happen...they are going to hoard the money. Anybody hear that Citibank is buying the naming rights to a baseball stadium for 400 million dollars? That is a great example of what the bailout money is going towards.