Another TRILLION dollars created yesterday

While we were all following the story of the A.I.G. $165 million bonuses, yesterday the FED "created" another $1 TRILLION ... which they will spend to buy long-term treasury securities (a first for them ... always bought the short-term ones to control the money supply) and buy mortgage securities.

This is uncharted territory ... no one has tried anything like this before (such a massive government money creation at this point in a recession.) Many have tried it later, and to date NONE of them have succeeded. We all need to pray this works, or the future of our children will be changed forever. (The markets are not confident ... the dollar is dropping in value, and gold increased $75 in 18 hours.)

How much is a trillion? It's so huge it's a really difficult concept to grasp. Let's look at something we do understand ... a one pound box of salt.
A trillion boxes of salt would be 500,000,000 (yes, 500 million) TONS of salt.
A trillion boxes of salt would take 25,000,000 trucks to haul (if each truck carried 40,000 pounds of salt.)
A trillion boxes of salt laid end-to-end would stretch over 94,000,000 miles. (For comparison, the sun is 93,000,000 miles from the Earth.)
And our elected representatives spend that like it's nothing!

And that's not the end of it. The supposedly non-partisan Congressional Budget Office released a report today that the budget submitted by President Obama will result in $1 trillion more deficit than the administration projected.

We simply can't afford all the debt our government is piling up! Write your Senators and Representatives, and let them know they've already gone too far ... the insane cycle of spending and bail-outs need to stop, now. If it does not, the 10%+ unemployment, 10%+ inflation, and 17% mortgage rates during the Carter years may look like the "good old days!"