Wednesday, January 28, 2009

Holy Cow

Remember that bank bailout?

While the Obama administration hasn't asked Congress for more money yet, some experts warn that government spending on support for struggling financial services companies will ultimately reach into the trillions of dollars.

"The amount of working capital you'd expect the government to take into this would be around $3 trillion to $4 trillion," said Simon Johnson, a senior fellow at the Peterson Institute for International Economics and author of its Baseline Scenario financial crisis blog.

Four trillion dollars- and that's not counting the pork-laden kickback stimulus bill.

A massive government deficit is a way to fix the economy?

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