But wait: Maybe things aren’t so bad after all. The Congressional Budget Office also released a new deficit forecast on Tuesday: a 10-year shortfall of a mere $7 trillion. That’s not much worse than CBO’s last prediction.
http://features.csmonitor.com/politics/2009/08/25/trillion-dollar-deficits-how-serious-are-they/
grayson: Mr. Liddy, you said before that there’s 20 or 25 people who were involved in the credit default business. What are their names, please?
liddy: I don’t have their names at my disposal, sir. grayson: Well, I’m sure you remember a few of the names. I mean, they did cause your company to crash.
liddy: You know, I’ve been at the company, as you know, for six months. I don’t know all the people that were in AIG F.P., and many of them are gone.
grayson: Well, there or gone, it doesn’t really matter. I want to know who they are. Names, please.…
liddy: If it’s possible to provide you the names, we will. We will cooperate with you.
grayson: That’s good, but I want to know the names that you know right now.
liddy: I don’t know them, sir.
grayson: Not a single one. You’re talking about a group, a small group of people who caused your company to lose $100 billion, as you sit here today, you can’t give me one single name.
liddy: The single name I would give you is Joseph Cassano, who ran …
grayson: That’s a good start. You already gave that name. Give me another name.
liddy: I just don’t know them. I do not know those names. I don’t have them all at my command.
grayson: Well, how can you propose to solve the problems of the company that you’re now running if you don’t know the names of the people who caused that problem? … I would expect you’d at least know more than one name. How about two names? Give us one more name.
liddy: I’m just not going to do that, sir, because that will provide—that’ll be the—that could be a list of people that we could do—individuals who want to do damage to them could do that. It’s just not …
grayson: Well, listen, these same people could now be working right now today at Citibank. Is it more important to protect them, the ones who caused the $100 billion loss, or protect us? Which is more important to you right now?
http://www.vanityfair.com/politics/features/2009/08/aig200908
The US budget deficit will soar to almost $1.6 trillion (£978bn) this year, the highest on record, both the White House and Congress have warned.
Fuelled by President Obama's $787bn stimulus package and reduced tax revenues due to the recession, it compares with a $455bn deficit in 2008.
The White House says the deficit will grow further, predicting it will hit a cumulative $9tn from 2010-2019.
$455B deficit in 2008
$1600B deficit in 2009
or
$1,600,000M/265M
= $6,038 / person of DEBT
~ before the banker bailout you owed just about
$2000
a trillion = million * million
2019 $9T is $38,100 / person of DEBT
SOURCE BBC ... http://news.bbc.co.uk/2/hi/business/8221207.stm