Is the US bankrupt yet?

Bloomberg News says the Federal reserve has pledged more than $7 trillion to “rescue” the financial system.

Nov. 24 (Bloomberg) — The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.

Are we accomplishing something with this bailout spending or just prolonging the agony? I think there are some very scared people flailing around and making things worse.

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0 Responses to Is the US bankrupt yet?

  1. Crotalus says:

    The gov’t is nationalizing more and more businesses. That’s the whole purpose of these “bailouts”.