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Subject: $7.7 trillion (the Power of Eleven) rss

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How does $700 billion become $7.7 billion?

http://www.bloomberg.com/apps/news?pid=20601087&sid=aDqw8_eM...

Half the GDP. There must be a mistake in there somewhere. This is beyond comprehension. $7.7 trillion is enough to pay 100 million people $35,000 a year for two years. It's the mother of all "doesn't add up"s.

Any idea what this means? Seriously.

Is it the biggest robbery ever?
Will there be food riots next year?
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Eric "Shippy McShipperson" Mowrer
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Ugh...

Ugh is all I can honestly say...

Just .... UGH.
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Eric "Shippy McShipperson" Mowrer
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GAWD wrote:
Maybe you haven't heard but the DOW just had it's biggest 2 day rally since 1987 ... move along little people there's nothing to see here ... everything will be just fine ... trust us devil


Waiting for the press announcement that Parker Brothers has begun ramping up production of fake money... just in case.
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William Boykin
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WTF?

I mean, I don't consider myself to be expert on this (AT ALL). And I've been trying to keep on this story. But 7 TRILLION dollars?

All I've been hearing for years is how the Republicans ruined the economy with the war in Iraq and Afghanistan. That is as may be, but this is NINE TIMES the expense of that war- in 15 months.

I could be convinced this is necessary. But the lack of transparency DEEPLY disturbs me. No one has made a case for this- AT ALL. Meanwhile, we're raking the Auto Industry over the coals for their bailout. Who cares, now. Bounce them a rubber check- its PEANUTS compared to this amount of money.

All we hear from the FED however is, shut up, don't look this way, its 'Necessary'. And I'm saying is- No Government policy should be so complicated that it can't be explained to the average in 6th Grade English. ESPECIALLY a government program that is going to cost THIS MUCH.

Time to stock up on Ramen noodles...I am deeply depressed now.

Darilian

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Dwayne Hendrickson
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Welcome to the darker side of "too big to fail".
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I am so flabbergasted and disgusted that I can't even form a coherent response. As Egon Spangler would say, "I am beyond the capacity for rational thought".

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M@tthijs
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Holy shock.
I can only hope that when the US finally goes down the toilet, it won't take the rest of the Western World with it.
Slim chances though.

Well, I'm off to the supermarket. Stocking up some canned food.

shake
M
 
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lotus dweller
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The total value of the derivatives market is roughly 10 times the global GDP.
The global GDP (2006) ~ USD60 trillion.
So roughly derivatives market ~ USD600 trillion.
This market has been ignored by regulators till very recently.
Warren Buffet has disparaged it repeatedly.
This amount is not "the elephant in the room" - its more the whole surburb that the room is located in.
I have no ideas even how to begin imagining the effects of this market becoming non-solvent.
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The results of a five yeer studee ntu the sekund lw uf thurmodynamiks aand itz inevibl fxt hon shewb rt nslpn raq liot.
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There's an interesting post over at BoingBoing that puts the amount into an interesting perspective:

http://www.boingboing.net/2008/11/25/bailout-costs-more-t.ht...

In short: The total cost of the bailout is more than the Marshall Plan, the Louisiana Purchase, the moonshot, the S&L bailout, the Korean War, the New Deal, the Iraq war, the Vietnam war, and NASA's lifetime budget, all adjusted for inflation, COMBINED.
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Jeff
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Well, I've changed my mind. If this is how it's gonna be, I say let it burn.

Exactly whose finances are we supposed to be helping here? How many people even HAVE investments equal to this sort of individual tax burden?
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Stephen Dunne
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ExcitingJeff wrote:
Well, I've changed my mind. If this is how it's gonna be, I say let it burn.

Exactly whose finances are we supposed to be helping here? How many people even HAVE investments equal to this sort of individual tax burden?


We are helping the finances of the gentlemen making 200 million a year as a CEO. We are helping the finances of the bought Government officials that profit from relationships with the aforementioned CEO types.

Bottom line is the government is making sure that the rich folks that are ruining running the country are taken care of, so they in turn are taken care of, and we regular types that actually work for a living, get the shaft gratitude of those we enrich.
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Interesting idea:

"the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents."

Can understand the sense of this - how do you balance this against,

"House prices fall, because the desperate sell and set the market value.... put off major (car) and minor purchases. The economy slows, factories close. Shipping slows down to a trickle. Factory and transport workers lose jobs.
...earnings drop, price of publicly traded shares drop --and 401(k)'s drop invalue. ...Tax revenue falls...." ?
 
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Chief Slovenly
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Echo2112 wrote:
ExcitingJeff wrote:
Well, I've changed my mind. If this is how it's gonna be, I say let it burn.

Exactly whose finances are we supposed to be helping here? How many people even HAVE investments equal to this sort of individual tax burden?


We are helping the finances of the gentlemen making 200 million a year as a CEO. We are helping the finances of the bought Government officials that profit from relationships with the aforementioned CEO types.

Bottom line is the government is making sure that the rich folks that are ruining running the country are taken care of, so they in turn are taken care of, and we regular types that actually work for a living, get the shaft gratitude of those we enrich.


Marxist... rage... rising...
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Kenneth Bailey
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where the hell are they getting 7.7 trillion?
 
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Darren M
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And it keeps on growing...

7.8 trillion...
http://www.ritholtz.com/blog/2008/11/78-trillion-bailout/
8.5 trillion...
http://www.sfgate.com/cgi-bin/object/article?f=/c/a/2008/11/...

http://www.nowpublic.com/world/bailout-costs-8-5-trillion-0

And with well over a quadrillion in derivatives exposure across the globe it's a certainty that those bailout numbers will keep rising:

http://www.siliconvalleywatcher.com/mt/archives/2008/10/the_...
http://solutions.synearth.net/2008/09/22

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William Boykin
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So far, they've 'only' tapped 3.5 Trillion of 8.2 trillion...but still........... wow shake

Darilian
 
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