Washington dithers - helps GoldMarket Losses Confidence in The Obama Stimulus and The Fed
When Bush Junior took over from Clinton - he inherited a budget surplus of $ 128 Billion dollars.
Today the U.S. Congress is wrestling with a $800 Billion dollar stimulus package which will likely be augmented by billions more - and those billions are to rescue banks not the foreclosure crisis or Detroit's next round of bailout finding. TARP 1 at $ 350 Billion is gone - and some say little to show for it . In fact there are allegations that the banks were overpaid $ 78 Billion in funds that did shore up their books - but did not result in increased lending to unclog the financial system. The result of a slow unfreezing of the financial system is a call for Washington to do more - i.e. print more money .
Yes, The Fed has promised to do " all that it takes " but Geitner in his new role as Master of the Treasury appears hesitant and uncertain as to what to do
Source
www.amprogram.com
Source
www.kitco.com