'Financial 9/11' struck over $6.9 trillion from US economy during 2008
Government bailouts total over $8.5 trillion, nearing a rivalry with US GDP
financial911economydollar Financial 9/11 struck over $6.9 trillion from US economy during 20082008 is over, and we have survived it. Though for some of us, just barely.
2008 saw the greatest financial losses in generations, as $6.9 trillion poured from investors’ coffers in the worst series of cascading disasters since the Great Depression.
The resulting panic was met with equally drastic action by the US Treasury and Federal Reserve bank. As pillars of the US economy toppled, the Fed government created an additional $8.5 trillion in currency liquidity and began handing out massive, low interest loans in hopes of stopping a chain reaction of failures.
This massive economic bloodletting threatens to rival the United States’ GDP: a now-seemingly hapless $14 trillion.
James Bianco, president of Chicago-based Bianco Research Inc., told the Toronto Globe and Mail: “No one understands these numbers, and I include the Treasury Secretary [Henry Paulson] and the chairman of the Federal Reserve [Ben Bernanke].”
Increasingly, in 2008 the US is being said to have suffered a “financial 9/11.”
Many blame the Republican party, namely the Bush administration, for letting it go this far.
‘Financial 9/11′ struck over $6.9 trillion from US economy during 2008 | Mint Dollar