U.S. Faces $1 Trillion Deficit

csmonitor.com — The U.S. government's extraordinary effort to rescue the banking system may have pulled America's economy back from the brink, but it comes at a cost — helping to push an already bloated deficit up to an estimated $1 trillion for this fiscal year. That would be a record in today's dollars — and would represent the highest level of federal red ink as a share of the overall economy of any US budget since the 1940s. As a result, future presidents may have to rein in spending and raise taxes to pay down that debt. If they don't, foreign lenders at some point could scale back their purchases of U.S. debt, sending interest rates soaring.

//ga3.org/ct/I720pgF1QYuw/



Fed’s $1.6 Trillon Bet

washingtonindependent.com — Amid the clamor over the crisis on Wall Street, the U.S. Treasury's $700 billion Troubled Asset Rescue Program, or "TARP," bill and the evolving collapse of the global banking system, little attention has been paid to the extraordinary credit extensions at the Federal Reserve. But these are now without parallel in Fed history, including during the Great Depression.

//ga3.org/ct/7720pgF1QYue/



Casino Capitalism and Us

tomdispatch.com — We are looking into an unprecedented abyss of economic and social turmoil that confounds our previous perceptions of historical risk. Our vertigo is intensified by our ignorance of the depth of the crisis or any sense of how far we might ultimately fall.

//ga3.org/ct/u120pgF1QYuc/



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