Taxpayers “Backstopping” $10.5 Trillion for Fed?!?!

(Link here to 1984 and Animal Farm)

Unbelievably, the total number for all the taxpayer-backed guarantees authorized out there is $10.5 TRILLION with $2.7 TRILLION already spent! (This from CNN, not exactly a right wing extremist conspiracy group!) The entire US economy used to be about $14 trillion, and now 70% or more will basically be owned by the Fed, a private bank consortium, with the taxpayers making up any losses.

It certainly is Change, but I’m not sure I “believe” in it!

(you can use the “zoom” tool, the Spyglass on the top, for easier viewing)

Bailout Progs

Technorati Tags: ,