Word: trillion
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...financial system, an event that would have had extremely adverse and protracted consequences for the world economy," Bernanke said. Market improvements were already allowing the Fed to unwind some of the extraordinary actions it took last fall, with credit extended to banks and other financial firms declining from $1.5 trillion at the end of 2008 to less than $600 billion now. Congressional meddling in Federal Reserve decision-making - there are proposals to increase Congress's audit authority over the Fed - could bring a "perceived loss of monetary policy independence" that "could raise fears about further inflation, leading to higher long...
...special inspector general, Neil Barofsky, thinks the U.S. government has bitten off more than it bargained for: on July 20, his office released a report estimating the $700 billion effort to shore up the nation's wobbly banking system could end up costing taxpayers as much as $23.7 trillion, due to estimates for programs offered by the FDIC, federal money for Fannie Mae, Freddie Mac and other institutions on top of $7.4 trillion in TARP and other Treasury aid. A spokesperson for the Treasury Department quickly called the numbers flawed, making this the latest in the back and forth between...
...part of the achievement gap between the U.S. and other countries. As unfilled jobs continue to head overseas, Obama points to the "national-security implication" of the widening gap. Closing it, according to an April report from McKinsey & Co., would have added as much as $2.3 trillion...
...enterprises afloat, Beijing urged Chinese banks to open the credit floodgates - and bankers have done so. The People's Bank of China, the central bank, estimates that $224 billion in new loans were made in June alone, bringing the total for the first half of the year to $1.08 trillion - 50% more than the amount of loans Chinese banks issued in all of 2008. (Read "China's Banks Become the Government's Foot Soldiers...
...during the campaign. "One thing reporters aren't asking the Administration is - it's such a simple question, and people around here in the real world, outside of Washington, D.C., want reporters to ask - President Obama, how are you going to pay for this one- or two- or three-trillion-dollar health-care plan? How are you going to pay off the stimulus package, those borrowed dollars? How are you going to pay for so many things that you are proposing and you are implementing? Americans deserve to know...