Wednesday, September 24, 2008

wed 9/24/2008 11:33pm

congress hearing with bernanke re: $700 billion bailout

congressman against but provide nothing to help the situation:

1. lloyd doggett - D
stopped from cursing out the president and say he has little math ability.
so why on earth is he in the joint economic committee?
offered nothing to solve the current problem
http://en.wikipedia.org/wiki/Lloyd_Doggett

2. ron paul - R
illustrates the current problem with historical events (great depression) but also provide
no solution to the crisis
http://en.wikipedia.org/wiki/Ron_paul

market -34 in the indu

my own calculations are thus:

gdp currently at $19.9 trillion
nation's real estate valued at $14 trillion
loan proposed at $700 billion
if loans were to default, the country's gdp cannot support it when one considers the outstanding national debt

today, chairman of coca-cola says this is a serious problem
yesterday, mcdonalds say local owners cannot find funding from commercial banks.

paul



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