I guess George Bush can be officially let off the hook for our deficit.

Schumer's $3-4 Trillion Horror Story
While questioning Treasury nominee Tim Geithner at his confirmation hearing this morning, Sen. Chuck Schumer said he spent some time calling around Wall Street this weekend, and what he heard was that if the government wants to clean out all the toxic assets from the financial system, it will cost some three to four trillion dollars. Which is to say, an order of magnitude larger than the second $350 billion in TARP money the Senate just approved.
That's pretty daunting stuff when you consider that the banking system probably won't recover until most of this bad debt gets cleaned up. And that the economy won't recover till the banking system does. Alas, the only thing worse than spending $3 trillion to clean up the banks may be not doing it.
Update: One caveat: The $3-4 trillion figure is enormous relative to the size of the TARP, but significantly less so relative to the size of the Fed's balance sheet, which grew from around $1 trillion in mid-September to well [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. by mid-December (and is even higher today). That's basically the sum of all the loans the Fed has extended to various financial institutions.
Granted, the Fed can't technically just buy assets from troubled banks (Congress has to approve that, as with TARP). But there's a lot it can do short of that (as in the Bear Stearns case, when it floated a bank billions of dollars in loans and took bad assets as collateral), which may end up being necessary here.

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Intellectuals solve problems; geniuses prevent them.-Albert Einstein

"When things look bad, and it looks like you're not gonna make it, then you gotta get mean. I mean plumb mad dog mean. Cause if you lose your head and you give up, then you neither live nor win, that's just the way it is." --the Outlaw Josey Wales

Just under $10k per person.

Done correctly, this would come to just over $40k per head of household.

You could do a hell of a lot more good doing it that way. Than giving it to big wigs , Banks, and corporations.

__________________
He has erected a multitude of new offices,
and sent hither swarms of officers to harass our people,
and eat out their substance........

He has combined with others to subject us to a jurisdiction foreign to our constitution,
and unacknowledged by our laws; giving his assent to their acts of pretended legislation:

Declaration Of Independence
__________________

King George or Obama ????

Where does it come from?

__________________
Intellectuals solve problems; geniuses prevent them.-Albert Einstein

"When things look bad, and it looks like you're not gonna make it, then you gotta get mean. I mean plumb mad dog mean. Cause if you lose your head and you give up, then you neither live nor win, that's just the way it is." --the Outlaw Josey Wales

Just like Jesus broke the loaves of bread. Our Savior will break the dollar bills

__________________
He has erected a multitude of new offices,
and sent hither swarms of officers to harass our people,
and eat out their substance........

He has combined with others to subject us to a jurisdiction foreign to our constitution,
and unacknowledged by our laws; giving his assent to their acts of pretended legislation:

Declaration Of Independence
__________________

King George or Obama ????

Make it a quadrillion then.

__________________
Intellectuals solve problems; geniuses prevent them.-Albert Einstein

"When things look bad, and it looks like you're not gonna make it, then you gotta get mean. I mean plumb mad dog mean. Cause if you lose your head and you give up, then you neither live nor win, that's just the way it is." --the Outlaw Josey Wales

Doubtful, his policies created the mess.

Which policies would those be?

__________________
Intellectuals solve problems; geniuses prevent them.-Albert Einstein

"When things look bad, and it looks like you're not gonna make it, then you gotta get mean. I mean plumb mad dog mean. Cause if you lose your head and you give up, then you neither live nor win, that's just the way it is." --the Outlaw Josey Wales

Policy = No homeowner too broke to finance.

Or was that somebody else's policy...not sure.

__________________
He has erected a multitude of new offices,
and sent hither swarms of officers to harass our people,
and eat out their substance........

He has combined with others to subject us to a jurisdiction foreign to our constitution,
and unacknowledged by our laws; giving his assent to their acts of pretended legislation:

Declaration Of Independence
__________________

King George or Obama ????

One day you're walking down the street and a man jumps out and stabs you in the chest with a knife perforating your left lung but you get away and run down the sidewalk but another man jumps out and shoots you in the chest however, you're able to stagger off until yet another person, a woman this time leaps out and starts beating you in the head with a louisville slugger until you fall to the ground and go into heart failure. At which point someone calls 911 they get there and start giving you CPR, ringers and haul your almost dead rump to the hospital where the emergency staff does everything they can possibly do to save you thus making it possible for you to get to surgery where the surgical staff operate for 8 hours on you desperately trying to save your life. Unfortunately you die due to the extent of your injuries.

Who killed you? The surgeon or the three muggers on the street?

Sometimes in life we have to look at a series of causes which led to the effect.

The economy is our "effect", Mr. Bush was not the only cause, there was Clinton before him, and a great many congressmen/women who aided. And we the people had a hand in it too. Each person who has lived beyond our means, purchased a house we can't afford, run up our credit cards we all had a hand in this.

To try and blame one person is not only foolish it’s a mark of one unwilling to see reality.

However, the answer isn't to take money off the dead guy's family and give it to the muggers in hopes they don't attack again.