Politics and Government
Obama Adds Econ Advisers, Says 'Help is on The Way'CHICAGO (AP) - President-elect Barack Obama pledged on Wednesday to have an economic plan ready for action to deal with the nation's financial crisis on his first day in office. "Help is on the way," he declared.
Obama to Name Volcker Head of New Economic PanelThe president-elect will announce a new economic advisory committee, which will be steered by the former Federal Reserve chairman.
US Details $800 Billion Loan PlansThe Fed and the Treasury are willing to print as much money as needed to... [Read Full Article]
There are two, ever so very vocal camps on the issue of financial bailouts. There is the Paulson-Bernanke Camp, which is throwing money around like so much confetti and there is the Everyone-Else -Outside-Washington Camp that is watching its tax dollars go down the black hole that is Washington politics. Now, after about a trillion dollars worth of various bailout and stimulus packages, the Fed is pledging more than $7.4 trillion dollars to get credit flowing once again.
What $7.4 Trillion Looks Like
To give you some perspective on the numbers under discussion, according to Bloomberg: “The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.”
This is a Hail Mary pass, a desperation move since nothing else... [Read Full Article]