What's a Realistic Retirement Age?
What Happened When Alex Kenjeev Paid His Student Loan in CashU.S. Treasury Secretary Geithner is expected to give out details of his toxic asset purchase plan, which includes forming public-private partnership. The cost of the program is estimated at $1 trillion!
Before you can even think of spending another $ 1 trillion bailing out the banks, you have three major problems to take care of:
1. JP Morgan Chase & Co (NYSE: JPM) is holding $ 87.7 trillion of CDSs "off the books." Citigroup Inc (NYSE: C) and Bank of America Corp (NYSE: BAC) are holding another $43 trillion of CDSs "off the books." That's $130.7 trillion "off the books" for just three banks. CDSs, CDOs and CLOs are over the counter (OTC) transactions. Bank regulators do not determine the dollar value of these transactions. If you don't even look at the transactions, how can you determine the extent of the problem? This is why the title of this post says it is foolhardy to spend $1 trillion of taxpayer money when you don't even know the extent of the problem.
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