I was trying to find a credible estimate of total mortgage debt in the US, and I stumbled onto an incredible website called "Grandfather Economic Reports" (http://mwhodges.home.att.net/).
On this site you can find out the total US mortgage debt ($11 Trillion or so), the total of America's debt (that is governmental, household, business and financial institutions debt) which is a robust $53 Trillion, the total of the debt owned by foreigners (12.5 Trillion) comprising 46% of all US Treasury bonds, 27% of all corporate bonds, 14% of all government agency debt (remember Freddie Mac and Fannie Mae).
This site is an absolute must for any one who's trying to figure out the current mess.
One gem from the site: An answer to the question "What is a Trillion? (Remember the Bailout number) "It's the year 0, the beginning of the first millenium, and you have a trillion dollars to spend, at the rate of a million dollars a day. At just before three years, you've reached a billion. You keep spending, and now you are in the year 2001. You still have 737 years to go, spending a million every day, before you reach the end of your trillion dollar pile."
Gold Anyone?
Richard
P.S. The debate is not about Republicans vs Dems..they are both hopelessly lost parties!!
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There is no such thing as "the year zero"
ReplyDeleteThere is no such thing as "the year zero". I know it seems like a trivial thing, but it makes a million dollars difference, and I don't know about you but I don't think we should be throwing a million dollars away like that. Or 2 million ;-)
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