On Feb 9, 2009, at 10:51 AM, Charles Bennett wrote:
"The $9.7 trillion in pledges would be enough to send a $1,430 check
to every man, woman and child alive in the world. It’s 13 times what
the U.S. has spent so far on wars in Iraq and Afghanistan, according
to Congressional Budget Office data, and is almost enough to pay off
every home mortgage loan in the U.S., calculated at $10.5 trillion
by the Federal Reserve."
"The remaining $8 trillion is in lending programs and guarantees,
almost all under the Fed and FDIC. Recipients’ names have not been
disclosed."
In other words, not actually money that's spent, or ever intended to
be spent. If this includes the FDIC, then it counts the guarantee the
Feds make (and have made since the Great Depression) of savings
accounts of every person in the United States, up to $100,000. Of
course that would pay off a lot of home loans, but only a tiny
fraction of it is every actually spent.
Comparing this "pledge" to actual spending is comparing apples and
oranges; it's meaningless.
-Patrick
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