Word: trillion
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...seem reasonable and are widely viewed as a good road map for what is likely to be ahead for GDP and employment. However, he may not be right with his estimate that total banks write-offs due to toxic financial instruments sold by U.S. will be about $3.3 trillion worldwide. That is well above projections by most economists and the IMF. Nationalization of U.S. banks would cause hundreds of billions of dollars of losses to the common and preferred stockholders in the firms. This, in turn, could cause the failure of some investment funds that hold those shares. (See pictures...
...While many financial institutions would immediately discount the plan, ultimately persuading them to accept it is not unreasonable. It is true that for those institutions that hold physical mortgages, their maximum potential profit will go down. For a 30% decrease in principal, the math works out to some $3 trillion potentially lost on residential mortgages as of mid-2008, according to the Federal Reserve. But if Americans keep defaulting on these mortgages and asset values continue to crash, the total loss to the financial world will be far greater than $3 trillion...
ASSETS In an effort to cleanse banks' balance sheets, the government will spend up to $1 trillion on a Public-Private Investment Fund that will provide private investors with incentives to acquire toxic assets...
...into a state of co-dependence that makes separation virtually impossible. Because the Chinese are dependent on American consumers to buy their goods (the U.S. had a $246 billion trade deficit with China as of November 2008) and because the U.S. is dependent on China to fund its $10.7 trillion debt, economics bind us indissolubly together. But we are also connected in one other way. Both the U.S. and China are rich in coal as an energy source and collectively produce upwards of 50% of the world's annual emission of greenhouse gases. Unless the two nations can find...
...needed a victory. The GOP got some sound bites for 2010 if this doesn't boost the economy, but they looked obstructionist and negative." Still, if the $789 billion stimulus was a tidal wave, the next item on Obama's to-do list is a tsunami - a $2.5 trillion bank bailout. Fortunately for the President, little of that plan requires congressional action. Unless - or until - the Administration ends up needing more money for it, at which point no one will expect Congress to move as rapidly as it did this week...