Bush asks for US$700 billion bad debt bailout

[gsdx]

The number you are thinking of comes from American Friends Service Committee which judges the daily cost of the war in at 280MM and then another $440MM per day in "incurred but unpaid" costs - for example, long term health care for wounded - which added together comes to $720MM per day.

Thanks. So the figure I read may not have been far off.

Still a lot of money, no matter how you count it.

 

[PlayingwithChance]

You Americans better start learning Mandarin, cause soon you're going to have to bow down to your new Chinese masters. Where do you think you're getting all this money from?

The US spends a ridiculous amount of its GDP on servicing debt - and with the addition of yet another trillion dollars, along with the projected costs of both the war in Iraq and SS promises, well... the US is set to go the way of Lehman Brothers.

And China, along with other populous developing nations, will end up owning a significant portion of US assets.

 

[RationalLunacy]

And China, along with other populous developing nations, will end up owning a significant portion of US assets.

They already do. It's called "Wal-Mart."

 

[metta]

Foreign Institutions are Eligible and it covers loans up to last week. Lets hope that they chand the date back farther. It does not seem right to include recent loans. Why would it include recent loans?

Asset and Institutional Eligibility for the Program. To qualify for the program, assets must have been originated or issued on or before September 17, 2008. Participating financial institutions must have significant operations in the U.S., unless the Secretary makes a determination, in consultation with the Chairman of the Federal Reserve, that broader eligibility is necessary to effectively stabilize financial markets.​

http://www.treas.gov/press/releases/hp1150.htm

http://www.reuters.com/article/ousiv/idUSN2148303920080921