What’s $7.4 Trillion? According to Bloomberg, that is the amount the “U.S. government is prepared to lend” on behalf of American taxpayers.
And how much is $7.4 Trillion?
A) Half the value of everything produced in the nation last year.
B) The equivalent of giving every man, women and child the U.S. $24,000
C) Nine times what the U.S. has spent so far on wars in Iraq and Afghanistan.
D) The amount needed to pay off more than half the country’s mortgages.
E) All of the above.
Answer: E, all of the above.
And in response to all this money been lent, what are banks and other financial institutions doing?
Lending less. And raising fees and interest rates to some borrowers. And I know this from personal experience with my small business. We (the taxpayers) are giving them money but they are lending less and that makes allowing my business to continue and be successful all the more challenging.
I think I’ve said to myself so many times that what is going on is “unbelievable.” But each day, it seems, I read another article like the one in Bloomberg, and find my self saying once again – “unbelievable.”
And then I go back to work – more determined than ever to succeed regardless of what is in front.