As expenditure continues to exceed income, well you know it is not going to end well ...
For those of us lucky enough not be live in Italy, or even luckier to be out of the EC, laugh on.
Here’s a recap of some of the larger Fed moves during the Crisis:
Cutting interest rates from 5.25-0.25% (Sept ’07-today).
The Bear Stearns deal/ taking on $30 billion in junk mortgages (Mar ’08).
Opening various lending windows to investment banks (Mar ’08).
Hank Paulson spends $400 billion on Fannie/ Freddie (Sept ’08).
The Fed takes over insurance company AIG for $85 billion (Sept ’08).
The Fed doles out $25 billion for the automakers (Sept ’08)
The Fed kicks off the $700 billion TARP program (Oct ’08)
The Fed buys commercial paper from non-financial firms (Oct ’08)
The Fed offers $540 billion to backstop money market funds (Oct ’08)
The Fed agrees to back up to $280 billion of Citigroup’s liabilities (Oct ’08).
$40 billion more to AIG (Nov ’08)
The Fed backstops $140 billion of Bank of America’s liabilities (Jan ’09)
Obama’s $787 Billion Stimulus (Jan ’09)
QE 1 buys $1.25 trillion in Treasuries and mortgage debt (March ’09)
QE lite buys $200-300 billion of Treasuries and mortgage debt (Aug ’10)
QE 2 buys $600 billion in Treasuries (Nov ’10)
Operation Twist reshuffles $400 billion of the Fed’s portfolio (Oct ’11)
QE 3 buys $40 billion of Mortgage Backed Securities monthly (Sept ‘12)
QE 4 buys $45 billion worth of Treasuries monthly (Dec ’12)
A catalog of Fed moves
20130101 .. The proposed US tax increases, some basic Maths is missing
Plan B
Overheard 'Stick to the Story son: I distinctly heard him tell me that the Old Lady said it was okay to go easy on rates. And so for several years, I did just that' They'll never rumble us! July 2012
“Greece is like a Rice Crispies Square. She’s snapped, crackled and now I am waiting for the final pop.”
Greece's newly designated finance minister, Vassilis Rapanos, has resigned less than a week after being appointed to the job.
The new Greek Prime Minister had an eye surgery and cannot attend the EU summit meeting. The new Greek Finance Minister became ill and cannot attend the EU summit meeting.
20120625: Greece ... time for a sick day or two
Seems like financial experts are Crap at Geography too!
20120610: spare a thought for people whose life are already uncomfortable
20120221 You gotta be s*****g me. Has the world gone insane? Dow hits 13K 20120220 Preparing for plan D
20120217 Yield to me
20120215 The Greek 419 20120212 23:56 <quote> The Greek parliament just passed the latest proposed austerity plan with a majority voting Yes. Judging by the reaction of the EURUSD, which experienced a modest 40 pip short covering squeeze in the last few minutes, one would imagine that today's Greek vote outcome is surprising. It isn't: after all, all Greece has done is promise to do something it won't do in hope it can get another bailout package, <end quote>
US Debt limit explained
Plan B Is For "Breakup"
The UK is as isolated as someone left on the dock in Southampton as the Titanic sailed away. -Terry Smith of Tullett Prebon
