Amazing that this has not hit the MSM yet, but the banks themselves are saying they need between 3 and 4 trillion to remain solvent.
Despite this, we are starting to hear about government waste in conjunction with the stimulus.
Back just a few months ago, we gave a $350 billion to banks. That is not the total of our spending and committments. Estimates as high as $7.8 Trillion of monies already committed to help save our economy.
The $7.8 trillion of already spent money does not include the additional stimulus necessary to get our economy moving. My estimate is that we will need $1.5T of additional spending.
Add the numbers up and we are talking about over $13 Trillion, a full year of U.S. GDP, in government spending to clear out the mess caused by the banks and unregulated mortgage securitization practices. In other words, last year, you worked to make sure rich guys could get their bonus.
When the right wing or the MSM starts talking about the wasteful spending that is part of the stimulus, remind them of two things:
- The stimulus would not have been necessary with proper regulation
- The waste you are talking about is a rounding error to what we have and will give the banks.