Word: trillion
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...Credit-card companies, though, may not be the only ones we need to be protected from. Every penny of Americans' nearly $1 trillion in revolving debt started with someone - some individual person - whipping out a piece of plastic and making a decision to use it. We could consider that free will and just call it a day, but there's plenty of reason to believe the story isn't so simple. There are piles of evidence that people are bad decision makers when it comes to how they use credit cards. Even when presented with full and fair information, they...
...Administration says that the budget deficit for the current fiscal year will be 5% higher than previously forecast which will puts the number above $1.8 trillion. The spread between the old number and the new one is $89 billion. The White House figure now matches the estimate of the Congressional Budget Office, an estimate which the Administration had earlier disputed...
...deficit is growing. It is still forecasting that GDP will only drop 1.2% in 2009. That number is clearly improbable which should shake whatever confidence the taxpayers have in the forecast. Anyone watching the process of budget revision as the bottom line gets progressively worse understands that a $2 trillion deficit for the year is possible, and perhaps likely...
...Details from the Administration's budget proposal show that it still contains a $250 billion line item for TARP funds which is currently identified as a "placeholder." That does not sound like a lot to money people when compared with the $3.4 trillion budget, but that is only testament to the extent to which the public is inured to fantastic sums of government spending. The $250 billion is such a casual amount in the eyes of the budget's authors that the White House said "It is there just in case that money may be needed." (See pictures...
...Nouriel Roubini, the hard-headed pessimist who foresaw the financial crisis, wrote Tuesday in the Wall Street Journal that the overall positive message of the stress tests "would be good news if it were credible," but it's not. He points to the recent IMF report that estimated $2.7 trillion in U.S. loan and security losses, and his own estimate of $3.6 trillion for the same potential losses. "The financial system is currently near insolvency," he concluded. Bernanke disputes the numbers, saying banks have "taken significant write-downs, they have reserves and there are substantial earning capacities." But Roubini...