The AP writes:
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.
What? $800 billion? Where does it come from? When did Congress approve this? Is this a joke?
2 months ago they were fighting bitterly over $700 billion and now we have gotten to the point where $800 billion are mentioned in a side note. They have completely lost their minds.
Just a few days ago I mentioned that consumer credit is going to collapse in 2009.
Of course it is merely a coincidence that the main beneficiaries of this measure will be the executives of the largest credit card issuers in the country, the company names at the top of the list appear utterly familiar:
1. JPMorgan Chase
2. Bank of America
4. American Express
5. Capital One
6. Discover Card
8. Wells Fargo
10. US Bank
Nice little Christmas present before they jump ship.
Expect the money supply and gold to soar.