Spending the country into bankruptcy - Just like Chrysler!
The Federal Reserve has been backing up the truck and buying
every crappy piece of paper it can get its hands on.
Lousy residential mortgages. Crummy commercial real estate loans.
Toxic CDOs, credit card bonds, student loans
— the Fed is buying or loaning money against anything and everything!
It’s not just the Fed, either.
The U.S. Treasury is doing its part, too.
Indeed, we’re borrowing and spending the country into bankruptcy
- Just like Crysler!
This week alone, Treasury sold a record $26 billion in seven-year
notes, a record $35 billion in five-year notes, and $40 billion
of two-year notes.
Total net borrowing needs for the second quarter are now up to
$361 billion. That’s up 27-fold from $13 billion a year earlier
and more than double the previous estimate of $165 billion.
The Treasury will start selling 30-year bonds every month,
as opposed to eight times a year.
This issuance is needed to fund a federal budget deficit
that’s projected to hit at least $1.75 trillion this year
and $1.2 trillion in fiscal 2010.
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TAGS:
bonds, Chrysler, life coaching, Maverick Money Makers, the fed, treasury, U.S. treasury
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