CNNMoney.com is reportingthat the price tag and allocations for the current financial and economic crisis has already exceeded $10.5 trillion in spending, guarantees, and loans since December of 2007; and that number does not account for the latest legacy "don't call them toxic" asset plan that will be in excess of $600 billion.
This spending fiasco has turned into a modern day Brewster's millions. Only that instead of Richard Pryor not being able to own anything with the $30 million he needs to spend within 30 days in order to inherit $300 million from his long last Uncle, the government needs to spend their money without actually stimulating the housing market or economy.
Since December of 2007 the economy has lost over 3 million jobs, the stock market is down over 40%, home values are down nearly 30%, the month's supply of housing in February of 2008 is identical to what it was in December of 2007 with a 9.7 month supply, and credit by most indications, is still tight.
Yes, I know that there will be a chorus of people that will say that we would be much worse of had the government not intervened and turned what otherwise would have been significant failures into historic fiascos, and that may be true, but at some point, at some time, I would like to see a real economic stimulus that encourages Americans to invest again.
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