The US financial market is in meltdown but Bush and his mates are coming to the rescue.
The proposed bailout is currently $700 Billion dollars. It has been said that the full extent of the bailout could extend to one trillion dollars. No biggie? To put the difference between a million, a billion and a trillion in perspective:
A million seconds is 12 days.
A billion seconds is 31 years.
A trillion seconds is 31,688 years.
and...
A trillion is a LOT of money, but one trillion is nothing when you realise that the US national debt is curently over $9.5 Trillion and the day before September 11, 2001 Donald Rumsfeld confessed that the Pentagon couldn't account for $2.3 Trillion dollars.
I'm not quite sure how a country that is in debt to the tune of $9.5 Trillion and that 'misplaced' $2.3 Trillion is able to bail out bankrupt businesses for another trillion.
I think I need a new bank manager.
I guess we'll wait and see what happens but by my calculations none of this adds up. The only thing I remember from accounting class at high school was that if something comes out of the credit column it must show up in the debit column which means the money has to go somewhere. My question is whose pockets did the $9.5 trillion dollars go into?
P.S. Do you suppose this massive financial crisis could lead to a suspended election? (see my previous post)
