Wednesday, November 30, 2011

7.77 trillion ?

Bloomberg reported yesterday that
"The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day." 
and
"Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year."

Where is "Glass-Steagall" when you need it ... oh, that's right, we're smarter now.

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