Thread: Fed Pledges Top $7.4 Trillion to Ease Frozen Credit

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

By Mark Pittman and Bob Ivry
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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.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.

“Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,â€

7.4 Trillion is

7,400,000,000,000

divide that by that approximate US population of 300 million which is 300,000,000

The results?

$24666.6666666666666666666666666666666666666666666 66666

But we all know that not everyone pays taxes in America after you take out the children, retirees, and others.

In fact for tax year 2004, a record 42.5 million Americans who filed a tax return (one-third of the 131 million returns filed) had no tax liability after they took advantage of their credits and deductions. Millions more paid next to nothing.

So let's break this down approximately to the average of only 89 million American tax paying suckers.

If you are one of the people in the country that is paying taxes each year with your tax returns like me, then your share is approximately....

$83,000 per income tax payer for this bailout plan.

The average working career is 40 years, so not counting interest on this money that's a minimum of over 2,000 per year for every working year in the average Americans life added to their existing tax and interest responsibilities.

In short, collecting this money from Americans will not be possible unless a draconian system is put in place to squeeze it out of you all.

W

U.S. financial firms have taken writedowns and losses of $666.1 billion since the beginning of 2007, according to Bloomberg data.

bttt

Let's see since Bush has taken office we have been giving foreigners about $1 trillion a year with our trade deficit and benefits to foreigners in the US illegally. He has been in office almost 8 years so yes we need another $7.4 trillion to make up for the $8 trillion Bush has given away.

Treason..... Congress, the Senate and Bush.... Treason, they caused this mess and are making it worse by the action they are taking

U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit (Update2)

By Mark Pittman and Bob Ivry

Nov. 24 (Bloomberg) -- 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.

The unprecedented pledge of funds includes $3.18 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 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.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.

“Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,â€