Jim Sinclair’s Commentary
This number will rise to $17.2 trillion by June of 2010 or sooner.
You want to own the dollar and have no Gold? That is called financial suicide, yet horses still run back into burning barns from time to time, therein killing themselves.
The $8 trillion bailout
Many details of Obama’s rescue plan remain uncertain. But it’s likely to cost at least $700 billion - and that would push Uncle Sam’s bailouts near $8 trillion.
By David Goldman, CNNMoney.com staff writer
Last Updated: January 6, 2009: 9:28 AM ET
NEW YORK (CNNMoney.com) — Sitting down? It’s time to tally up the federal government’s bailout tab.
There was $29 billion for Bear Stearns, $345 billion for Citigroup. The Federal Reserve put up $600 billion to guarantee money market deposits and has aggressively driven down interest rates to essentially zero.
The list goes on and on. All told, Congress, the Treasury Department, the Federal Reserve and other agencies have taken dozens of steps to prop up the economy.
Total price tag so far: $7.2 trillion in investment and loans. That puts a lot of taxpayer money at risk. Now comes President-elect Barack Obama’s economic stimulus plan, some details of which were made public on Monday. The tally is getting awfully close to $8 trillion.
Obama’s plan would combine tax cuts with infrastructure job creation efforts. Economists say it could serve as an integral piece to the government’s remaining economic recovery puzzle.