Home » Blogs » qrswave's blog

Bloomberg Analyst: $700 Billion Bailout Could Balloon to $5 Trillion

0

RELATED: If this bill passes, America is Over - Effective Immediately

+++++++++++++++++++++++++++++++++++++++++

Finally, the truth comes out.

A Bloomberg analyst calls the initial estimate of $700 billion "a drop in the bucket" and says the price tag of bailing these bastards out will be closer to the range of $5 TRILLION.

Yes, you read right - one half of the total colossal national debt as it stands today.

Faber, author of the “Gloom Boom Doom” report,appeared on Bloomberg TV’s Sept. 26 broadcast of “Bloomberg Today” and noted just how small the proposed $700 billion bailout is compared to the overall U.S. credit market.


     “So now they try to solve the problem by having this credit bubble actually extended and I think the $700 billion will be like a drop in the bucket because the total credit market in the U.S. is something close to $60 trillion, then you have the CDS market – credit default swap – of around $62 trillion. Then you have the whole derivatives worldwide worth about a notional $1,300 trillion. So the $700 billion is really nothing and the Treasury is just giving out this figure when actually the end figure may be $5 trillion.”

And I continue to insist that even that figure is modest, since in reality NO AMOUNT OF MONEY IS ENOUGH to satisfy these greedy bastards.

Sometimes it take a massive global financial meltdown for people to finally wakeup to the massive fraud that's been perpetrated against them with the aid and support of our totally corrupt and complicit congress.

Finally, Americans get to meet up close and personal the massive financial fraud which they endearingly call "the derivatives market" - a gambling casino so vast that nobody can accurately estimate how big this fucking thing is and many have predicted since as early as 2006 and before would unravel with disastrous consequences on financial markets (like I give a shit - let them burn in hell).

The question now is whether or not Americans are going to allow congress to let these bastards unload their smoldering load of toxic bets at the tax-payer's table.

__________________

Thanks, Nepos!

 

Submitted by qrswave on Mon, 2008-09-29 13:08

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Oh shit - markets starting to dip today...

Bloomberg, Sept 29: Stocks in Europe, Asia, U.S. Futures Drop; Dexia, Wachovia Fall

AmericanGoy may be right - India Times: Market tanks on likely US hedge funds redemption

Nepos Libertas | Mon, 2008-09-29 13:51
It's not a "bailout" - it's a national sales tax!

They are spinning this as a bailout, but this will mean a national sales tax or VAT. No one will escape paying for this extortion and a sales tax is the easiest type to keep raising to pay for more.

The 700 billion is just the ante in this crooked poker game.

Claymoremind | Mon, 2008-09-29 15:52