Titanic Economy Meets Iceberg

Bernanke: Juice the economy ‘quickly’
Fed chairman, urging lawmakers to boost consumer spending within 12 months, tags mortgage meltdown’s cost at $100 billion or more.

Bernanke said that current losses from the subprime mortgage mess were probably about $100 billion but cautioned that this figure could wind up being higher.

Former Treasury Secretary Larry Summers told lawmakers on Tuesday that Congress should consider a stimulus package of up to $150 billion. He proposed an immediate injection of $50 billion to $75 billion through a combination of tax cuts and increased spending on unemployment benefits and other programs. He also advocated that another $50 billion to $75 billion be set aside in case economic conditions weaken further.

During Thursday’s hearing, Bernanke said he thought a fiscal stimulus package of up to $150 billion, would be “reasonable.”

Where is the money coming from? How much is being spent on the war? And how will we pay for that and the deficit and the debt?

Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Politics

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