Bloomberg circulated a report this morning on the total size of the bail out facilities run through the Federal Reserve and Geithner's Treasury. They estimate the total to be $12.8 trillion, or $42,105 for every man, woman and child in the country, 14 times the amount of currency in circulation, and just $1.4 trillion less than the Gross Domestic Product, which is what economists call everything produced and sold in the country last year. Since last November when the facilities under both departments amounted to $7.4 trillion, the amount has increased by 73%.
I think there is something wrong here. What do you think? Do you agree? Or do you think it is OK that the Federal Reserve Chief has accumulated this kind of power without feeling compelled to tell anyone exactly what he is doing or how?