Tuesday, September 23, 2008

$1,000,000,000,000: The astonishing cost of US government's desperate bid to rid the economy of toxic debt

Business insiders fear the total cost of the bail-out could rise to as much as $1 trillion or $1,000,000,000,000.The plan would give the government broad powers to buy the bad debt of any US financial institutions for the next two years.

The move is part of the largest financial bail-out since the Great Depression and the sum involved is equivalent to almost one third of the British economy.

It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion! [What tax payers owed when the debt was "only" 9 Trillion]

[Excerpt of an article by Kate Foster, The Scotsman]

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