Word: trillions
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...there are signals coming from Capitol Hill back rooms and corporate boardrooms that suggest things could be different this time. In recent weeks, health-care-industry leaders have pledged to cut their own costs by $2 trillion over the next 10 years (though they have yet to fill in the specifics). The insurance industry now says it is willing to make concessions it never would have considered before - like agreeing to set prices on policies without regard to an individual's health history - in exchange for the access to the vast new market that would come with universal coverage. "Nobody...
...multiple: the leverage of U.S. banks in 1993, years before the start of the asset bubble whose excesses have now brought the world to its economic knees, was just 20. To bring leverage back to that pre-bubble level, Nomura estimates that U.S. banks need to either shed $2.8 trillion in tangible assets (by selling loan portfolios, subsidiaries and other holdings) or else raise $141 billion in new capital...
Europe's banks are in much worse shape, with a ratio of 40.5. They must either sell $9.7 trillion in assets or raise $485 billion in capital to bring leverage down to 20. The Royal Bank of Scotland (estimated leverage: 39.3) has already started slimming down. It recently put its retail and commercial businesses in Asia on the block. New CEO Stephen Hester has announced plans to create a subsidiary that will hold about $477 billion of the bank's assets that are earmarked for disposal...
...unified Democratic government passed a partisan $787 billion stimulus bill and another $410 billion spending bill. After promising to end the Republican tenure of pork-barrel spending, these massive bills included titanic lists of pork projects. The projected budget deficit for the fiscal year 2009 grew to $1.8 trillion, or a shocking and nearly unprecedented 12.3 percent of our gross domestic product. They then proceeded to pass a new record-breaking $3.6 trillion budget for the upcoming year...
...trillion 2010 (projected...