Let’s see, Bloomberg said yesterday that the Federal government had committed $7.4 trillion to lending facilities and guarantees. The total is now $8.2 trillion thanks to new programs announced today to aid borrowing by consumers, small businesses, and homeowners.
This modesty on the part policy makers is getting disgusting. Since people seem to be pulling numbers out of their hats, why are the numbers they keep pulling out just under a trillion? Why is no one out there promising a trillion dollar fix for a problem? What makes a trillion dollars too much to spend fixing a problem, but we can promise hundreds of billions of dollars every day?