Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes

Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

www.bloomberg.com
Can we say INFLATION...

Fed Sued
Bloomberg requested details of Fed lending under the Freedom of Information Act and filed a federal lawsuit against the central bank Nov. 7 seeking to force disclosure of borrower banks and their collateral. Arguments in the suit may be heard as soon as this month, according to the court docket. Bloomberg asked the Treasury in an FOIA request Jan. 28 for a detailed list of the securities it planned to guarantee for Citigroup and Bank of America. Bloomberg hasn’t received a response to the request. The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan). :

This should be interesting what comes of this...

“If you spent a million dollars every day since Jesus was born, you would have spent three-quarters of a trillion dollars. A million seconds is about 11.5 days. A billion seconds is about 32 years, and a trillion seconds is 32,000 years.” - John Allen Paulos, Ph.D., Math Prof., Temple Univ.

[edit on 9-2-2009 by ThInGS Ar3 NoT WHaT Th3y ]

Well phew!! What a relief. You have to read it carefully "taxpayers risking 9.7 trillion" wow good things its only the taxpayers risking it and not......well someone important!

As long as they can get away with it, they'll do whatever they damn well please. And if you don't like it, chances are you won't do anything.

I really wonder if guys like me will actually be able to get a job from all of this? It is freakin amazing that our GOV is doing this. Did anyone notice that GM is now going to invest in their Brazil plant with the stimulus money they received? How does that really benefit the USA? I am buying Ford from now on.

Man, I sure wish that I could use other people's money to gamble whether they liked it or not. I am certain I could clean house at the casino because odds of success change with higher bets, right?

Funny that we would trust competent decisions to come from 100 people that could not last 2 months working a real job...not like too many of them pay their fair share anyways as cabinet conformations have proven for a number these welfare recipients.

There is no risk. It is a certainty. We have been indoctrinated and 'convinced' that these people should simply do what 'they' think is best, and damn the consequences.

Our Wallstreet representatives run the show; as they have for the past 100 years, give or take a president or two..

I just called both my senators and told them not one damned dime more for New York crooks!

We're in this mess because those thieves sold each other worthless paper and paid themselves huge bonuses on those bogus transactions: fraud, pure and simple. Thw same whistleblower who turned in Madoff has turned in two more suspected Ponzi schemes, from my point of view, ALL current banking CEOs must resign as they are all guilty of either fraud, incompetence, or collusion.

I told them that until I see wholesale change in the banking industry, the only tax receipts they would see from me woyld be a request for extension, followed by another.

If you owe taxes, don't pay them on April 15th: file for an extension instead, then file for another when that runs out. STOP giving your money to white collar criminals.

CALL your congresscritters, dammit!

I'll call them at least twice more today.