Independent Intellect

A New Yorker observing the world.

Thursday, January 1, 2009

Oscar Peterson

Saw this last evening; masterful musicians, timeless music.

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Smart

My dad gave me one dollar bill
'Cause I'm his smartest son,
And I swapped it for two shiny quarters
'Cause two is more than one!

And then I took the quarters
And traded them to Lou
For three dimes -- I guess he don't know
That three is more than two!

Just then, along came old blind Bates
And just 'cause he can't see
He gave me four nickels for my three dimes,
And four is more than three!

And I took the nickels to Hiram Coombs
Down at the seed-feed store,
And the fool gave me five pennies for them,
And five is more than four!

And then I went and showed my dad,
And he got red in the cheeks
And closed his eyes and shook his head--
Too proud of me to speak!

- Shel Silverstein

Bailout cost

Sweden is putting through a rescue package of $220 billion, 50% of its GDP. What will the US rescue eventually cost?

50% of the US's GDP would be about $6.5 trillion. Begin with the monies used to rescue Fannie Mae and Freddie Mac (over a trillion, one and a half?), add $130-plus billion for AIG, $700 billion for the bank bailout. That would seem just the beginning. Indeed, add $540 billion of aid to the mutual fund industry.

That adds up to 2.9 trillion, so far.

In the end of November, more numers. $30 billion to Citigroup, a guarantee on over $260 billion of Cit debt. On 25 November, another $800 billion for consumer assistance.

$3.72 trillion, and counting,

Senator Dodd of Connecticut, Chair of the Banking Committee, said "close to 5 trillion." Interview with Charlie Rose, broadcast 26 November; conducted 25 November, 2008.

On the New Hour on PBS, a commentator, Mark Shields, yesterday (28 November 2008) spoke of "$7 trillion."

A Wall Street Journal article on 13 December has these:
Fed: $ 1.894 trillion
$ 1.3 trillion pledged to back comm.paper
Treasury: $ 398 billion spent so far
$ 350 billion TARP funds remaining
$ 3.0 trillion to backstop money mrkt funds
HUD: $ 300 billion pledged to back housing
FDIC: $ 700 billion in line to guarantee bank debt
Others: $ 306 billion to help Citigroup
--------
$ 8.649 trillion

Independent Intellect

Thursday, January 1, 2009

Oscar Peterson

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Lincoln

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