The Adding Machine Says It Ain't Chump Change

Finally, someone has discovered how to use an adding machine as we herald the "bailout of the day." Here's the scoop from Bloomberg. If you want to see the research behind the article, click here. Bloomberg did what, to my knowledge, no one else has done. They simply added up all the commitments, lines of credit, and guarantees being put forward by the Fed, FDIC, Treasury, and FHA to "solve the economic crisis." The total is $7.7 trillion and counting!

Here's an illuminating quote: "The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages."

Oh, how my confidence soared at this inspiring gambit from Ben Bernanke:  “Some have asked us to reveal the names of the banks that are borrowing, how much they are borrowing, [and] what collateral they are posting,” Bernanke said Nov. 18 to the House Financial Services Committee. “We think that’s counterproductive.” Huh? It's counter to whose productivity? Certainly not mine. We, the taxpayers, are supposed to fork over $7 trillion but without knowing to whom and for what. This sounds like the kind of scam a Somalian pirate would drool over!

By the way, the largest share of this $7.7 trillion came from the New York Fed, where Timothy Geitner is President. Yup - He's Obama's appointee to be Secretary of the Treasury. So I guess that "change we can believe in" will involve more than chump change.

I am so glad that God's economy is never strapped for cash: And God is able to make all grace abound to you, so that always having all sufficiency in everything, you may have an abundance for every good deed (2 Cor. 9:8). Credit may be tight, the market in turmoil, and main street in distress. But if you know Jesus as your Savior, you have a ready supply of grace, more than enough to do good to those around you. You are flush enough with grace to lavish good deeds on others. God's got you covered. Get out there and spread the wealth!

Comments

[John]

Quite remarkable that I did the very same calculation last night, and furthermore, draw the same conclusions. All this talk of "change" is nothing - I repeat, Nothing - but political rhetoric. It appears to me that our government is doing nothing more than pouring gasoline on a burning building. Since when did additional debt become the remedy for too much debt? De Tocqueville was right; we're getting the government we deserve!

[Dave]

Ok, I have no financial background or anything, but wouldn't it be better if they just gave that $24,000 to each individual? The Corporations just are going to turn around and waste it. Giving the people the money would, in my opinion, still benefit the Companies in trouble. Think about it, Americans love to spend and wast money. GM would come out ahead because the BIG SUV's would start selling again. The people in Foreclosure could pay off the back money they owe and have plenty for the months ahead. The people who lost their jobs could pay their bills. Even the people who aren't affected by the economical mess, would go out and spend once again, which in turn, would also bring jobs back and keep some of the ones we have. Think about it, instead of the Government bailing companies out that made bad decisions most of the time over greed, the people would decide by spending, who would stay in business or not. Besides, the Government isn't going to do much to see that it doesn't happen again. It is still a free handout for the most part.

I am still growing in my spiritual walk and I have to admit, the financial turmoil does make me nervous at times. One very positive thing out of all of this is that I come across so many people that I can share the Word with. Everybody wants to talk about the economy these days. So right off the bat, you have something in common, that you can strike a conversation up and lead right into the Gospel.