Last week, just before everyone’s attention was diverted to a Mall Ninja toting a tarted-up Mini-14 [1] in Norway, news came of $16 Trillion Dollars [2] that was loaned by the Federal Reserve to prop up the banksters–mostly in Europe. This is an aggregate figure on loans over the course of two years, and most of it was paid back, but it is still staggering. Its a good thing that we have experts like Tim Geithner and Ben Bernanke in charge. Otherwise there might be inflation or somethun’… Oh, and meanwhile, the Congresscritters are quibbling about how they can “trim” $1 trillion from the Federal budget over the course of the next 10 years. Dear readers, I hope you have got your things together [3]. There’s a bad moon on the rise.
Over at Market Ticker, Karl Denninger notes [4]: “The Federal Government borrows about 43 cents of every dollar it spends. This is, approximately, what you would be doing if you made $100,000 a year but spent about $175,000, each and every year for the last three years. Would you be able to get away with that?”
Eric S. spotted this: Tax dollars buying less and less [5].
Signs of the times: Banks “donating” foreclosed slum properties for demolition [6]
Items from The Economatrix:
Debt Deal Or Not, Weak Economy Likely to Suffer [7]
Stocks Sink as Debt Limit Stalemate Continues [8]
Applications for Unemployment Aid Drop Below 400,000 [9]
Here’s What Happens if Agencies Downgrade US Debt: It’s Bad [10]