Word: trillions
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...first $350 billion from vanishing, with the government overpaying about $78 billion for the assets it bought. The banks told pesky reporters and congressional watchdogs that how they spent the bailout cash was really none of their business. And now, Tim Geithner informs us, the financial system needs $2 trillion more...
Influencing a $19 trillion market that is coming off one of history's great asset bubbles is a lot harder than it looks. In December, houses sold for 15% less than they did a year earlier. No act of Congress could change that. Says Wellesley College economist Karl Case: "Let's not delude ourselves into thinking we're driving a speedboat when we're driving a tanker...
...pitch for spending now on things that will save you money later--such as Kindles and Costco memberships. But that's not going to stave off depression. And so government indebtedness and spending are being substituted for consumer indebtedness and spending. The federal deficit is projected to hit $1.2 trillion this year, and that's not counting the close to $1 trillion in further stimulus being contemplated by Congress...
...existing consumer- and business-lending program will be expanded through a new initiative that will leverage up to $1 trillion to unfreeze credit and rekindle moribund secondary lending markets...
...biomedical research, will now work with the Senate to forge a compromise bill for President Obama’s approval. The Senate bill was approved along party lines, with all 37 opposition votes coming from Republicans. Economics and public policy professor Kenneth S. Rogoff said that compared to the trillions of dollars being spent on the overall economic stimulus—the Treasury also announced a new $2 trillion bank bailout yesterday—the funding for science was “small change.” But he added that he believes federal spending for science is invaluable...