Posted on 04/07/2009 7:49:37 PM PDT by St. Louis Conservative
Though some economic measures are improving, the financial crisis "is far from over" and "appears to be taking root in the larger economy."
This, despite the government's commitment to spend trillions of taxpayer dollars on a massive bailout of the financial system.
These were the findings released in a report today by the Congressional Oversight Panel, the body charged with overseeing the government's Troubled Asset Relief Program, the $700 billion plan aimed at bailing out the country's financial sector.
"We still have a long way to go. A very long way," Elizabeth Warren, the Harvard Law School professor who chairs the panel, said in an interview today with Bloomberg News.
The panel reported that the government has spent, lent or set aside more than $4 trillion through the Troubled Asset Relief Program, the Federal Reserve and the Federal Deposit Insurance Corporation.
Today, the "credit markets no longer face an acute systemic crisis in confidence that threatens the functioning of the economy," the report said.
But, it said, the economy now faces an "apparently prolonged period of weakness" with regard to financial firms and lending.
(Excerpt) Read more at abcnews.go.com ...
Maybe Robert Mugabe can be a ‘visiting professor’ of economics and further mentor Barry and his goal of destroying this country.
Really? Like what?
4 trillion is a lie. it’s actually much higher than that. Well unless the government has been ordered to only provide for a small handful of oligarchs. Which is entirely feasible.
The number that no one seems to want to talk about is the total value of all the derivatives floating around in the financial world. In June of 2008 the Bank for International Settlements reported that there was 1.14 quadrillion dollars in outstanding derivatives. That includes 548 trillion dollars in listed credit derivatives and 595 trillion in OTC derivatives. The number is probably higher than what they reported as other sources have said the magic number is 1.5 quadrillion. There is no way that the world can possibly return to any kind of financial normalcy unless everyone decides to tear up these contracts and start over. The problem is only compounded by the fact that some of these contracts extend out for 10,20 or even 30 years.
if CDO’s are 70-150 Trillion globally.
what is exactly that 4-10 Trillion going to do
Republicans really need to raise the roof - yesterday democrats canceled the finest fighter plane in the world, claiming we can’t afford it.
For some perspective. 4 trillion dollars, will buy almost FIFTY THOUSAND F-22 fighters, assuming some moderate (maybe 20%) improvement in the price from current startup pricetag, based on economies of scale. That’s a whole lot of job creation.
A trillion dollars is a massive amount of money. A thousand billion!
A trillion dollars:
$1,000,000,000,000.00
Dems are engaged in theft, of historic proportion.
Maybe Robert Mugabe can be a ‘visiting professor’ of economics and further mentor Barry and his goal of destroying this country
idiot!!
at least put sarc// nobody can tell the serious from the
juvenile humor any more.
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