From Billion Dollar Bush to Trillion Dollar Obama

Obama plans second $700 million dollar bailout, bailout increased by another $800 million, the current bailout package for Wall Street and beyond $1.5 trillion with talks of including the Big Three's auto sector crisis.

There are three very important quotes to remember from this financial flameup fiasco: "It's not based on any particular data point, we just wanted to choose a really large number." — a Treasury Department spokeswoman, explaining how the $700 billion number was chosen for the initial bailout, quoted on Forbes .com Sept. 23 "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." — a Treasury Department legislative act, proposed Emergency Economic Stabilization Act under Secretary Henry Paulson, September 2008. "Cash for trash, there are no atheists in foxholes and there are no libertarians in financial crises." — Paul Krugman, discussing the financial bailout, New York Times Sept. 22. Looking at the United States of America's national debt situation, this Paulson bailout took it from $10.6 trillion to $11.3 trillion, as the annual budget deficit for 2009 fiscal year may actually surpass $1 trillion.

Canada, on the other hand, is being very smart on its fiscal prudence, possibly the advantages of having an academic and economist as both the Prime Minister and Leader of the Opposition, who hopefully will remain as cooler heads internationally that prevail, one can look forward to an economic statement that lacks any new massive fiscal stimulus packaging for an old long time economic cyclic problem.