How To Lose Half A Trillion In A Fortnight
TWO weeks ago, budget analysts said the Bailout measures might push the US deficit to as much as $1.5 trillion.
Today David Greenlaw, Morgan Stanley’s chief economist,estimated that the 2009 budget deficit could be close to $2 trillion, or 12.5 percent of gross domestic product, more than twice the record of 6 percent set in 1983.
That’s half a trillion dollars in a fortnight; wonder what the numbers will look like in another fortnight’s time?
- Chenier
No Space Left On The National Debt CLock
Posted: 10th, October 2008 | In: Money, Twitterings Comments (5) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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October 11th, 2008 at 2:33 am
Jack McJiggins Says:
October 10th, 2008 at 3:27 pm
Half a trillion doesn’t seem like much anymore.
*****************
Betcha a trillion it is !
October 10th, 2008 at 3:27 pm
Half a trillion doesn’t seem like much anymore.
October 10th, 2008 at 3:17 pm
One of the many things lighting the fuses is the fact that the guy whose 377 people in London took down the 116,000 workers in 130 countries who comprised the whole of AIG, is still being paid.
He’s getting $1 million a month to try and disentangle the derivatives that he and his staff created, bought and traded, losing so much money that they destroyed the group.
Of course, they had claimed to be making massive profits; it was just that they overlooked the fact that if you sell guarantees then you can be called on to pay those guarantees.
Just one of those minor items that got overlooked…
October 10th, 2008 at 2:54 pm
I wonder if David Greenlaw is fairly good at playing the game MONOPOLY? You know, win a bit, gamble a bit, and flip over a community chest card to see what happens next?
With all these financial problems Chenier there are certainly a lot of people who should GO TO JAIL……… directly to JAIL.
October 10th, 2008 at 10:41 am
We do know where some of it went; the revised all singing all dancing Mother of All Bailouts included such urgent items as tax breaks for makers of wooden arrows and stock-car racetrack owners.
Who knew wooden arrows could be so expensive?