The US Government and its Maxed Out Credit Card

It looks like it’s time to change the name of our country from the United States of America to the United States of Broke-Town, population 200 million.

On November 10, 2008, the Federal Reserve conducted an auction of $150 billion in 17-day credit through its Term Auction Facility. This was a forward auction designed to provide term funding over year-end--the awarded loans will settle on December 22, 2008. Following are the results of the auction: Total propositions accepted: $12.629 billion

That’s a little scary, when you keep in mind that in October, we were able to sell 113 Billion.

America, it’s time to hold a going-out-of-business sale. Everything must go!

See the Federal Reserve Press Releases Here:

http://www.federalreserve.gov/newsevents/press/monetary/20081021b.htm

http://www.federalreserve.gov/newsevents/press/monetary/20081112a.htm