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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (282117)	11/25/2008 4:39:50 PM
From: Tom Clarke	Respond to of 793916

Bloomberg says 7.7 trillion >>That's "half the value of everything produced in the nation last year." The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan.... It could pay off more than half the country’s mortgages.... In his Nov. 18 testimony, Bernanke told the House Financial Services Committee that the central bank wouldn’t lose money. “We take collateral, we haircut it, it is a short-term loan, it is very safe, we have never lost a penny in these various lending programs,” he said. A haircut refers to the practice of lending less money than the collateral’s current market value. bloomberg.com

To: MulhollandDrive who wrote (282117)	11/25/2008 5:42:55 PM
From: Ruffian	Read Replies (3) \| Respond to of 793916

Russian Professor Says U.S. Will Break Up After Economic Crisis By Robin Stringer Nov. 24 (Bloomberg) -- A professor at the diplomatic academy of Russia’s Ministry of Foreign Affairs said the U.S. will break into six parts because of the nation’s financial crisis. “The dollar isn’t secured by anything,” Igor Panarin said in an interview transcribed by Russian newspaper Izvestia today. “The country’s foreign debt has grown like an avalanche; this is a pyramid, which has to collapse.” Panarin said in the interview that the financial crisis will worsen, unemployment will rise and people will lose their savings -- factors that will cause the country’s breakup. “Dissatisfaction is growing, and it is only being held back at the moment by the elections, and the hope” that President- elect Barack Obama “can work miracles,” he said. “But when spring comes, it will be clear that there are no miracles.” The U.S. will fracture into six parts: the Pacific coast; the South; Texas; the Atlantic coast, central states and the northern states. “Now we will see a change to the regulatory system on a global financial scale: America will cease to be the world’s regulator,” to be replaced by China and Russia, he said. To contact the reporter on this story: Robin Stringer in New York at rstringer@bloomberg.net. Last Updated: November 24, 2008 16:40 EST