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Cash. that $700 billion rescue plan. the $700 billion bailout. not the wall street, washington crony capitalists have put a $700 billion bag of dung on taxpayers doorsteps, rung the bell and expect you to thank them when you answer it. a $700 billion bag of dung? that s what we say when we talk about the bailout, but make way for the very sexy follow-up accounting. the congressional budget office reporting this week that the bailout s actually going to cost taxpayers about $25 billion. $25 billion or roughly 1/28th of what everybody says it costs. the cbo writing clearly it was not apparent when the t.a.r.p. was create twod years ago that the cost would turn out to be this low. the idea that saving the global economy cost $700 billion that is false. though that would have been a bargain anyway. third question, true or false. ....
Washington crony capitalists have put a $700 billion bag of dung on taxpayers doorsteps, rung the bell and expect you to thank them when you answer it. a $700 billion bag of dung? that s what we say when we talk about the bailout, but make way for the very sexy follow-up accounting. the congressional budget office reporting this week that the bailout s actually going to cost taxpayers about $25 billion. $25 billion or roughly 1/28th of what everybody says it costs. the cbo writing clearly it was not apparent when the t.a.r.p. was create twod years ago that the cost would turn out to be this low. the idea that saving the global economy cost $700 billion that is false. though that would have been a bargain anyway. third question, true or false. in monetary settlement for african-american farmers for ....
First-class ticket on amtrak for the sleeper car we subsidize that by $364. that is 1.28-dollar $1.28 bill. chris: the fact is if you are going do nondefense discretionary spending it is a 22% cut to cut $100 million. it has grown by 88% the last three years. it is not that difficult. chris: why is there not any specific cuts here? it goes down to chris: nonot for defense it doesn t. we show programs where are we show votes on the floor through you cut where we have gotten more than the ability to go through it. what about when we laid out our pledge to that lumber company? no one there has had a raise in two years. even congress when you look at the legislative branch, not the ....
Later at a cheaper price. guys were shorting the euro. the euro at $1.30, $1.28, and they bet it would keep going down. on friday nobody thought about t.a.r.p. 2, basically. it was trading at $1.25. on sunday, 2:45 in the morning european time, they approved this measure to give $1 trillion in basically stimulus money. now the euro takes off because it looks more stable. it s not going to go down anymore. in effect, these guys who bet that the euro was going to go down to maybe $1.20 have to cover their risk. reporter: because it s going higher. it s going higher. today it s at $1.28, $1.29. you re talking millions and millions of dollars, like i said, there were $16 billion in shorts just on the euro. that it was going to go down. reporter: they were basically betting the euro would go short, meaning down. in other words, they had to protect themselves because the euro began to trade higher on ....
Wall street. as that number goes down to more than 150,000, which seems to be the consensus, there s less prospect of u.s. interest rates being moved up soon and perhaps there s pressure on the euro. there is a lot of worry out here behind all of this. we re still worrying about banks. .only credit rights issue a couple of days ago is still being talked about in the markets because there s a big worry about european banks having to raise capital. here we are up by about 0.66% for the xetra dax, paris cac current, up by nearly 1% right now. let s have a look at the currency markets. we re looking at really a lot of weakness on the part of the euro. 127.83. it has been significantly lower than this. well down below 1.28. all way down to a 15-month low against the dollar. ....