Bailout Tops $5 Trillion Dollars
For all the fury over Treasury Secretary Henry Paulson’s $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government’s response to the credit crisis.
According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.
Lets be clear, this is an amount that is over 1/3rd of the countries annual GDP that has been earmarked for propping up institutions that have failed. Institutions that have made bad business decisions.
Yippeee, we are all Fordists now. With just the right planning this economy with be the b3st!