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Ten trillion and counting
Sunday, March 22, 2009
"The United States government may face a debt crisis of its own which makes the current financial situation pale in comparison."
This new Frontline documentary airs on Tuesday - set your Tivo.
This new Frontline documentary airs on Tuesday - set your Tivo.
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2 comments:
After the September-November slide, the financial crisis on Wall Street was over. Without intervention, the bad banks would go under and we'd have a very bad recession (maybe a depression depending on your terminology), but the recovery process would be underway. Instead, all the bad debt has been taken on by Fedgov, and Fedgov also took responsibility to restart the economy with trillions in stimulus. It is now, and forevermore will be, a political crisis.
I bet at some point in the future, the current administration will say they had no choice but to do what they are doing now because Bush set them on this course.
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