People are calling Congressional Legislation introduced by Barney Frank, which will pre-approve $4 Trillion for the next free cash give away, “the US Economic Suicide Bomb“:
Barney Frank, "Trust me, my friends need a few trillion dollars a lot more than you do."
- Read the Bloomberg news article here: Bankers Get $4 Trillion Gift From Barney Frank
- Read the 1279 pages of the legislation here: HR 4173
- Read a preliminary analysis here: Congressional Legislation Introduced By Barney Frank Pre-Approves $4 Trillion For Next Crisis
Here is a sampling of online comments about it:
- $4 Trillion works out to about $40,000 from every US household. This US dollar economic suicide bomb is so far beyond all-things-rational… and makes me double-check my supply of tinfoil.
- Current efforts to stave off the financial crisis are doomed to fail and are preparing for the next rescue. A very bad collapse is coming…..it’s just a matter of when. I suspect Frankie is preparing for a bank run.
- There can only be one reason for a sum of money this large, as the Fed only liquidates paper for banks and to some extent for the government. Frank is preparing for a run on the banks. The FDIC is broke. The Fed will buy as many good assets as they can buy and let the rest collapse.
- $4 trillion in liquidity in a year will add 8000 points to the Dow. I guess when you are headed over a cliff you might as well floor it and see what happens. (Jump the Grand Canyon Dukes of Hazard style.)
- “The bill is 1,279 pages long.” I have a hard time believing Barney wrote that legislation. I bet it was handed to him already typed up, spell checked, and placed in a nice glossy 3 ring binder by a friend of a friend.
- When I was a kid corruption like this was described as only happening in places like Mexico. We are Argentina on steriods.
- Our country isn’t doomed just the way of life we have lived before.
Of course Obama may do the opposite but Obama says:
We Can’t Continue to Waste Tax Dollars Like ‘Monopoly Money’
One TRILLION dollars… (Source)
What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I’d take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.
We’ll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go.
A packet of one hundred $100 bills is less than 1/2″ thick and contains $10,000. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.
Believe it or not, this next little pile is $1 million dollars (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.
While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet…
And $1 BILLION dollars… now we’re really getting somewhere…
Next we’ll look at ONE TRILLION dollars. This is that number we’ve been hearing about so much. What is a trillion dollars? Well, it’s a million million. It’s a thousand billion. It’s a one followed by 12 zeros.
You ready for this?
It’s pretty surprising.
Ladies and gentlemen… I give you $1 trillion dollars…
(And notice those pallets are double stacked.) Hey, that’s me standing at the lower left hand corner, thinking this must be my stimulus package…
So the next time you hear someone toss around the phrase “trillion dollars”… that’s what they’re talking about.
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