Nov. 24 (Bloomberg) — The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.
When I read this, a line from a movie* kept running through my head:
With a lie this big, we can get away with anything.
Seriously, we have no conceptual means to grasp something of this magnitude. And tell me why we can’t lend Detroit $25 billion? That is one three-
thousandthhundredth of the package to rescue the banks–and banks don’t make things.
*Maybe the movie was Doomsday?