This seems crazy the way they are spending money like no tomorrow. This plus the previous $700 billion is $1.5 trillion so far. That's like $5000 for every man, woman and child in the USA.
I have a very bad feeling that people will cheat the system just like they did before. Seriously, they are betting our future in these overnight deals and we don't even know exactly where the money is going.
http://biz.yahoo.com/ap/081125/credit_crunch.html
Feds unveil plans to unfreeze consumer debt market
Tuesday November 25, 10:52 am ET
By Jeannine Aversa and Martin Crutsinger, AP Economics Writers
Feds unveil 2 programs to provide $800 billion to help unfreeze market for consumer debt WASHINGTON (AP) -- The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.
Paulson says key markets for consumer debt such as credit cards, auto loans and student loans essentially came to a halt in October. He says the new programs are aimed to get lending back to more normal levels.
Paulson says all the government programs have been aimed at supporting the lending that is vital to the economy.
