That's small talk, folks. Look at this plan and take a deep breath:
Fed Pledges Top $7.4 Trillion to Ease Frozen Credit
By Mark Pittman and Bob Ivry
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.
The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.
You think that price tag will buy some Congressional oversight?
Meanwhile, Greg Sargent over at TPM is reporting a plan to fast-track legislation so that it's sitting on Obama's desk for signing the day he's sworn in:
Dem Congressional leaders are working with Obama officials to create and pass a massive stimulus package before Obama takes power on January 20th, a senior Dem leadership aide confirms to me.
The timing is significant because it means Obama could sign it the first day he takes office.
"We come in January 6th and Obama is sworn in on January 20th," the leadership aide emails to me, adding that the timing "gives both of us a month and a half to work on a plan that could be taken up in House shortly after we come in and sent to the Senate before January 20th."