Garrett Harris 10:11 p.m., May 23
Total Bailout Bill to Date: $12.8 Trillion
The U.S. government and the central bank, the Federal Reserve, have spent, lent or committed $12.8 trillion to battling the current downturn, the longest recession since the 1930s, according to Bloomberg News. The total annual output of goods and services, called the gross domestic product (GDP) is only a bit higher: $14.2 trillion last year. The nation recently pledged another $1 trillion for the Public-Private Investment Program, which permits Wall Streeters, who caused the current world morass with reckless gambling, to clean up even more. Investors can amass profits by buying the toxic assets of banks; more than 90 percent of the money is put up by the government, but any profits will heavily fall to the private interests that have put up almost nothing. This programs works out to $42,105 for every man, woman and child in the U.S. and is 14 times the $900 billion of currency in circulation, according to Bloomberg. The bottom line is this: once the nation defeats the deflation, or recession, then inflation is likely to hit because of all this money creation. We have several ugly years ahead of us.