Tuesday, October 14, 2008

Our bailout is a big one!

According to this MSNBC article. the current spending of $250 billion is akin to about $1.6 billion 1932 dollars.

This is a lot of money, because the Reconstruction Finance Corp. (created by President Hoover) which was formed back then to do a similar thing during the Great Depression...invest in banks....they spent only $1.1 billion!

Given that the current $250 billion is only a drop in the $700 billion pool we call the bailout....well, then you can see that we are indeed using a big hammer! (compared to FDR during the Depression anyways)

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