That's the amount the U.S. Government has either spent or allocated via the stimulus package, or guaranteed as a measure in the event of defaults in the financial system.
It represents more than 100% of U.S. annual GDP, and 20% of world annual GDP.
The kicker is that no credible economist believes the number won't grow significantly larger as more companies require financial assistance from the U.S. taxpayer (a private report just released demonstrates that Morgan Stanley desperately requires 40 billion in additional capital despite the 'stress test' claiming it only needs 1.8 billion), the same bad actors such as AIG come back for more, and the risk looms that the banking system in the U.S. will need to be fully nationalized at some point.
It represents more than 100% of U.S. annual GDP, and 20% of world annual GDP.
The kicker is that no credible economist believes the number won't grow significantly larger as more companies require financial assistance from the U.S. taxpayer (a private report just released demonstrates that Morgan Stanley desperately requires 40 billion in additional capital despite the 'stress test' claiming it only needs 1.8 billion), the same bad actors such as AIG come back for more, and the risk looms that the banking system in the U.S. will need to be fully nationalized at some point.