Tuesday, November 25, 2008The financial Armageddon is near. The U.S. government announced today another massive bailout. This one's worth 800 billion. Where does the money come from? Some of it's printed. Some of it's leverage.
The Federal Reserve takes $20 billion from the TARP fund and magically levers it up to 200 billion.
The 200 bn supposedly goes to shore up auto loans, student loans, etc. The other 600 billion is going to Freddie and Fannie, which are spurting out of the jugulars.
It's all so stunning. Here, a lame-duck administration plunders the nation for its wealth and drives it toward absolute ruin. This is the stuff of Illuminati nightmare scenarios, and it's happening in the open air and the sunshine.
Posted by Penn @ 11:05 AM | |