WASHINGTON (AP) — The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic.
Lend $3 trillion to this administration? Sure, NP.
Pretty sure this will be in the loan application under “Prior Business Experience”
“CBO is projecting the overall economy will shrink by a record 40% at an annual rate in the current April-June quarter.” JFC
Yes, a 40% projected shrinkage rate. And we all know how deflating shrinkage can be to the male ego. But 40%? Jesus, this really is Trumplethinskin’s idea of “WINNING!” Just like with the TRUMP Taj Mahal. Seven bankruptcies is “winning” folks.
And you know that they must’ve had some truly brilliant marketing mind involved in this “sales pitch” because everybody knows that $2.99 TRILLION sounds SO MUCH SMALLER than $3 TRILLION.
They don’t realize we can see them.
I’m a bit out of it today (very early MRI) so can someone explain who or what they are borrowing from?
DJIA was up a tad today. Up 30% in April. “There are a number of investors that think that maybe we have gone a little too far, a little too fast.” (Reuters)
Ya think?
And no mention from Rs about deficit, but if Biden gets elected the deficit bitch and moan dam will explode! Hell it will probably be one of Trumps major campaign points. Deficits will make matter again if Biden is elected. They don’t with Trump!
“Biggest such-and-such in history,” for once, is true, and none of this “perhaps” crap about it.
That’s probably exactly how it happened, but although $19.99 isn’t much less than 20 bucks, according to my calculations the difference here is a billion—or is it $10 billion? I suck at this—and we’ve all heard the joke.
I figure they’re going to float $3 (er, make that $2.99) TRILLION in bonds, and they’re going to hope that somebody like China or Saudi Arabia or Ashkanistan or BangTheDish is going to pull out their gold fillings to bail us out, and then the Fed will “print” a bunch of ones and zeros and buy all the bonds back during another orgy of “quantitative easing.” See how easy it really is?
Good question. I’m not much of a one for macroeconomics. Most of my economics are very micro. But I’ll take a guess—we’re borrowing from ourselves, and we won’t be finished paying it off if we live to be a thousand. Just a guess, like I said.
and still no oversight. Fat Donnie and his grifter family will be the first pigs at the trough.
Anyone else remember back when blovious was openly talking about defaulting on treasury bonds? Good times.
Your pension fund, among other sources.
If you’re going to “borrow” $3 trill, why not go whole-hog and add another zero on there for slaps and tickles? How about 2 more zeros…they’re just zeros after all, right?
Japan and China, basically, who buy our T-bills and collect interest for doing so.
That, or Social Security.
I’m simplifying, but you get the idea.
Fun Fact: Screaming Lord Sutch of the Monster Raving Loony Party once ran on a platform that included introducing a 99-cent coin into circulation, so buyers would always have exact change for items on sale.
Yeah, I keep saying we need to do away with the 10 billion dollar coin.
Clear as mud.
Thanks to brexit we can just use pound sterling coins.
