Monday, November 2, 2009
Magnitude of the Problem
Last year over $700 billion was approved by Congress to bail out financial institutions. In 6 weeks $216 billion was already spent, leaving many to wonder just how badly things were going to end up. That amount covered only 67 of 1800 such institutions which were expected to apply for government assistance. The new administration can expect to spend as much as $23 trillion by the time the crisis is done; that is close to double the $14 trillion GDP of the entire nation, leaving many to wonder just how much the government can do to fend off a financial collapse.
Subscribe to:
Post Comments (Atom)
That is like what happen in Canada. Last Year 2008 there was a road construction in Ontario. They had a highway length of 30 block where the road was made on top on flat plains where there no need to buy civilian land. It took Couple million of dollars. Many of the population ask the government why it took so much money. But this problem was never resolved.
ReplyDelete