The latest news on the financial front is that government officials have reviewed whether another $1 trillion to $2 trillion is needed to
fix the banking sector.
On top of that, Congress is preparing an
stimulus plan to help consumers and revive the economy -- more spending made necessary by the banks. Oh, and don't forget that the government is already burning through the previously approved $700 billion in banking bailout funds.
But that's not all. The
may end up spending $600 billion to buy mortgage-backed securities from
, Ginnie Mae and the Federal Home Loan Banks.
Keep your calculators handy, because we're not done yet. We have to include the direct investments in
, loans to help
and programs with funny names like TAF, TALF, TSLF, MMIFF and CPFF.
It's all making my head spin. The tally had already reached $7.4 trillion in November, according to a
So now we're up to about $10 trillion in spending by our government because of the stupidity of our banks and other financial institutions.