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 Post subject: U.S. could be ready to lend $7.4 trillion
Posted: Wed Nov 26, 2008 10:52 am 
Senior Member

Joined: Sat May 13, 2006 10:24 pm
Posts: 78
DIG DEEPER "taxpayers" they going to send MORE of your 'sweet of your brow" earnings!



And don't ask me to explain how or why, as I can not comprehend what the wicked do or do not do, as the WORDS of CREATION are my ONLY understanding and WISDOM, and the "things conjured up by the fallen do not have reason, except "who-so-ever sins is of the d-evil. . . " Now that makes sense! (not "mine" but HIS ALONE!]

The following better be a "SLOW READ" situation, and discussed at your next "bible study" if you 1. Have a "bible study" with those you are supposed to be teaching, and warning, 2. If you ever "fancied' yourself as a "good" American 3. Because "tyranny well triumph wen "good people DO NOT KNOW what is really happening TO their "GODS" country!

Fair USE LAW follows. . .

U.S. could be ready to lend $7.4 trillion
Bloomberg News
Nov. 25, 2008, 12:28AM

The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.

The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg.

The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight.

Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.

“Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,” said Rep. Scott Garrett, R-N.J., who serves on the House Financial Services Committee.

“The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones.”

Bloomberg News tabulated data from the Fed, Treasury and Federal Deposit Insurance Corp. and interviewed regulatory officials, economists and academic researchers to gauge the full extent of the government’s rescue effort.

The bailout includes a Fed program to buy as much as $2.4 trillion in short-term notes, called commercial paper, that companies use to pay bills, begun Oct. 27, and $1.4 trillion from the FDIC to guarantee bank-to-bank loans, started Oct. 14.

William Poole, former president of the Federal Reserve Bank of St. Louis, said the two programs are unlikely to lose money.

The bigger risk comes from rescuing companies perceived as “too big to fail,” he said.

Regulators hope the rescue will contain the damage and keep banks providing the credit that is the lifeblood of the U.S. economy.

The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures.

It could pay off more than half the country’s mortgages

[BUT they WON'T pay off the mortages, watch and SEE!]

. . ."And they that belong to Christ's HAVE crucified the flesh with the affections and lusts." Gal 5:24 "Who-so-ever sins belongs to the devil. . . " 1Jn.3:8 So do you really BELONG to Christ?

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