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Can You Spare $4.6165 Trillion Dollars?
Apparently Your Government (And You) Can!
Thanksgiving is here and the government is in a giving mood, it seems.
The latest bailout / stimulus / call for help / "we have no idea what we’re doing" effort has been directed at Citibank, with the federal government prepared to provide more than $7.7 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup debt even as the Treasury injects $20 billion into the bank.
This $7.7 trillion is equal to half the national GDP, to put things into perspective. It includes $3.2 trillion already tapped by financial institutions in the biggest response…
27Nov2008 | Oxbury Research | 1 comment | ContinuedJim Rogers calls long dated US Treasuries last great bubble
Bloomberg
10/14/08
Wes Goodman and Anchalee Worrachate
The risk is that yields rise as the U.S. increases debt sales to fund the bank rescue plan and pumps money into the economy, said investor Jim Rogers, chairman of Rogers Holdings and former partner of hedge fund manager George Soros who forecast the start of the commodities rally in 1999.
"The U.S. government is taking on gigantic amounts of debt,” Rogers said in an interview in Singapore, where he lives. "They’re printing gigantic amounts of money. Printing money has always led to more inflation. The last bubble in the world that I can find is…
17Oct2008 | The Real Deal | 1 comment | ContinuedThe End of the Boomland Economy
The Dow resumed its downward slide yesterday. It lost 237 points as the deflation commandos continued their counterattack.
It’s war. And war is hell, as General Sherman said, before burning Atlanta to the ground.
Oil was unchanged in yesterday’s trading. Gold gained $5.
Most of yesterday’s hard fighting took place in the financial sector.
“Fed Sees Turmoil Persisting Deep Into Next Year,” saith the New York Times.
The New York press tells us that Steve & Barry’s, a clothing retailer with 200 stores, has filed for Chapter 11. And Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) got walloped again. The two Mississippi Companies [a reference…
11Jul2008 | Daily Reckoning | Comments Off | Continued
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