The bailout package is now around $8.7 trillion dollars.
Among the commitments:
More than $1.5 trillion in Federal Deposit Insurance Corp. loan guarantees.
$1.8 trillion in cash, tax breaks and loan guarantees doled out from the Treasury Department to taxpayers, financial institutions and credit companies.
$300 billion for homeowners from the Federal Housing Authority.
$25 billion in assistance for auto companies from a program overseen by the Energy Department.
And $5 trillion worth of new money, loan guarantees and loosened lending requirements from the Federal Reserve Bank.
Congress is clearly not done adding to this and don't forget, team Obama has already promised a newer and bigger stimulus package early next year — one that could make this past spring’s $168 billion government giveaway to taxpayers look like pocket change.
This bailout, along with a Fed Funds target rate between 0% and .25%, is extremely inflationary. While we still remain in a deflationary recession, it is only a matter of time before the dollar falls even further and investors move into alternative dollar investments such as gold and rare coins.
Since the end of November the euro has gained almost 14% against the dollar and gold has increased over $100 or 14%.
Donald W. Doyle, Jr.,
Chairman and CEO
David Beahm,
Vice Pres. and Director of Marketing and Economic Research
