caption="Treasury Secretary Henry Paulson, right, sits down with his likely successor, Timothy Geithner, on Tuesday."]
The New York Times
Over the past year, the federal government has poured money into the economy hundreds of billions of dollars at a time. It has also guaranteed investments, loans and deposits worth about $8 trillion. Barry Ritholtz, the author of “Bailout Nation,” points out that this project constitutes the largest infusion in American history.
If you add up just the funds that have already been committed, you get a figure, according to Jim Bianco of Bianco Research, that is larger in today’s dollars than the costs of the Marshall Plan, the Louisiana Purchase, the New Deal, the Korean War, Vietnam and the S.&L. crisis combined.
Is all this money doing any good?
The financial system seems to have stabilized, but bank lending is minimal, home prices keep falling, consumer spending is plummeting, and the economy continues to dive.
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