This page has been archived and commenting is disabled.

The Ultimate Shell Game: The Federal Reserve Funds 91% Of 2009 U.S. Deficit

Tyler Durden's picture





 

In the current hodge podge of abstract finance, it is easy to get lost in the numbers and lose sight of the forest for the trees. Which is why we provide the ultimate simplification: In calendar (not fiscal) 2009, the US grew its budget deficit by $1.47 trillion. In the same time, the Federal Reserve grew its securities holdings from $500 billion to $1.85 trillion, a $1.34 trillion increase. Keeping it simple: 91% of the budget deficit increase in 2009, under the authority of President Obama, was funded by the... United States.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 01/11/2010 - 20:29 | Link to Comment Manfred
Manfred's picture

Speaking of Shells:

Track your favorite banker in real time.

A totally cool website that tracks yachts in real time near St. Barth's (I think the whole Caribbean), right now Ellison's 400' Rising Sun is in port along with a bunch of smaller tubs.

TheStreet.ca Live Marine Tracking

Mon, 01/11/2010 - 20:44 | Link to Comment P Rankmug
P Rankmug's picture

Thanks Manfred.  Now I can keep track of the location of my retirement account.

Sat, 06/04/2011 - 02:27 | Link to Comment loans
loans's picture

Instant payday loans online can be an outstanding financial deal for salaried class people which enable them to handle unexpected fiscal urgencies on time. These loans provide quick cash before your next payday. payday loans online

Tue, 07/19/2011 - 11:54 | Link to Comment PeterSmith
PeterSmith's picture

I want to take this moment to say that I really love this blog. It has been a good resource of information for me in my custom writing research.

Mon, 01/11/2010 - 20:45 | Link to Comment truont
truont's picture

“The Federal Reserve will not monetize the debt.”

-Ben Bernanke, 2009

Mon, 01/11/2010 - 21:20 | Link to Comment Anonymous
Mon, 01/11/2010 - 21:53 | Link to Comment FLETCH
FLETCH's picture

even after unprecedented FED trillions, they can't get aluminum use up, never mind M1-M3, and GDP more than a couple percent

ha ha, the world improvers are striking out

Centrally planned economies never have and never will survive

Mon, 01/11/2010 - 21:01 | Link to Comment Anonymous
Mon, 01/11/2010 - 21:29 | Link to Comment Rainman
Rainman's picture

Good....they didn't hog the whole thing. Left 9% for others.

Mon, 01/11/2010 - 21:08 | Link to Comment Zé Cacetudo
Zé Cacetudo's picture

I've been struggling to find a way to explain why this is a problem to those friends of mine who have little/no background in finance or economics (most of them). Usually I get the blank stare after just a few sentences.

I suspect that most Americans have no idea why what's happening is happening, or why it may turn out badly for them. Occasionally I hear things like "where is all this bailout money coming from?" but that's about the extent of it.

The only thing I've found that gets people's attention is the concept of a $5 gallon of gasoline. That seems to distill (pardon the pun) the concept of a weakening US Dollar for them quite nicely.

One exception was a guy who refuses to drink American beer. He caught on pretty quickly when I pointed out that although the price of a can of Guinness hasn't increased, the volume of the can itself has decreased from 500ml to 440ml - effectively a 13.6% price increase. I've heard several similar anecdotes for food products too.

Maybe that's the solution to educating people: beer and gas (again, pardon the pun).

Mon, 01/11/2010 - 21:57 | Link to Comment FLETCH
FLETCH's picture

what's been working for me is to describe that we now have a centrally planned economy and then i spell U.S.S.R.

 

that get's their attention and paints quite a nice picture

 

after that i hit them with the pimp daddy credit card story

 

Mon, 01/11/2010 - 22:38 | Link to Comment Charley
Charley's picture

Instead, you should explain why it is only the United States that can do this - and why, despite the fact that any other country attempting such a thing would collapse into hyper-inflation, prices in the US are surprisingly tame.

When you can explain that, then it will be time for you to leave, Grasshopper.

(HINT: You cannot devalue the world reserve currency against itself.)

Mon, 01/11/2010 - 22:44 | Link to Comment Charley
Charley's picture

The next hint: 20 percent unemployment in Spain, Venezuelan devaluation, and the Chinese peg.

Mon, 01/11/2010 - 23:46 | Link to Comment Anonymous
Tue, 01/12/2010 - 00:42 | Link to Comment faustian bargain
faustian bargain's picture

bingo...exportation of inflation.

Tue, 01/12/2010 - 00:51 | Link to Comment Anonymous
Tue, 01/12/2010 - 14:05 | Link to Comment Charley
Charley's picture

Actually, the correct answer is reducing wages. When the dollar falls, the currencies of all exporting nations have to fall to maintain competitiveness. This has the effect of reducing wages and prices in thoss countries. Spain uses the Euro, so it cannot devlaue - it, therefore, has to accept higher unemployment or reduce hours of work.

China maintains a peg, so it currency falls along with the US, and Venzuela is devaluing to improve its competitive position.

Remember the Keynesian thesis is that worker will not react as much to a fall in real wages if their nominal wages are unchanged or even increased. Devaluation is one way to effect this.

My conclusion is that Washington has gained control of the economic policy of other countries almost completely, and is pushing a reduction of global wage levels to halt the fall in the rate of profit.

But, what do I know...

Tue, 01/12/2010 - 17:29 | Link to Comment Anonymous
Wed, 01/13/2010 - 08:44 | Link to Comment Charley
Charley's picture

Really? Marxist cant?

You mean to say that there is another country who can run a trade deficit for almost forty years, and a current account deficit for thirty years? You mean there is another nation that could sustain an actual fall in its manufacturing capacity in three of the last seven years even as its stock market rises? And, is there another nation which could increase its fiscal debt to the degree the US has in the past 18 months without seeing its bonds market collapse?

Perhaps there is another nation which could watch its financial sector collapse while its money actually appreciates?

Please, show me this other nation. Show me another nation which can actually force the rest of the world to subsidize its economy.

LOL

Tue, 01/12/2010 - 05:32 | Link to Comment saturno_v
saturno_v's picture

 

I agree only in part.

 

First of all, prices in the US are not that tame...just our way to manipul..pardon "calculate" inflation is more sophisticated (core with no food and oil, geometric, substitution, hedonics, etc...)

 

Second, compared to less developed economies we spend a less percentage of our income on needed items and commodities (food, energy, etc..) and usually hyperinflation start to bite in that category.

 

Third, as someone already noted, many countries have pegs to the US dollar so we move in sync

 

Fourth, there is a lot of inertia (do not underestimate the ignorance and gullibility of the mases), we still have a lot of good reputation in the world, in many areas of technology and science we still remain the top dogs (however that is currently on the wane).

 

Fifth, a good part of the ultimate backing to our currency is courtesy the US navy fleets circling the planet's oceans...something Argentina and Venezuela do not have.

 

So we can definitely "stretch it" much more than others...and the fact that the global financial system has been modeled by the anglosphere and that the 3 major rating agencies are based on angloland it does help a lot...they cut us A LOT of slack.

On top of that, the Fed is considerably more sophisticated in its game of smoke and mirrors compared, let's say, to the Reserve Bank of Zimbabwe.

 

However, in my opinion, I think Japan, with his trade surplus, tremendous productivity and leadership in many industries, can stretch it even more than us....the land of the rising sun deficit is sailing towards 200% of GDP and QE has been a reality for years over there...I doubt we can get that far before the non edible chocolate hits the fan....  

Tue, 01/12/2010 - 13:15 | Link to Comment seventree
seventree's picture

Some good points here. One comment I hear a lot is, if the US economy is in such bad shape, why am I not seeing anything like all those dismal 1930's depression photos in the history books? Well there is still a lot of fat in the middle class lifestyle. Families think they are getting frugal but they don't know what frugal is yet. They won't find out until they are looking for sales on potatos instead of tv sets.

Tue, 01/12/2010 - 18:27 | Link to Comment saturno_v
saturno_v's picture

 

We have a much more extended social safety net today than we did then.

You will not see soup lines because people will get their check directly in the mail...the number of people on food stamps skyrocketed.

You want to see some depressing pictures?? Well Detroit and other cities in the midwest fit the bill perfectly, I did recently watch a very depressing videos about Pennsylvania.

 

Our unemplyment numbers do not look that bad because of the way we calculate them nowadays...in the 1930s basically everyone above the age of 16 was considered part of the labor force.

However if we consider underemployment and those no longer "attached" to the labor force we are not that far off.

Tue, 01/12/2010 - 10:32 | Link to Comment Anonymous
Tue, 01/12/2010 - 18:25 | Link to Comment saturno_v
saturno_v's picture

Bingo

The stratospheric asset prices compared to the fundamentals are inflation.

The fact that nowdays investors consider equities just lottery tickets with almost total disregard for cash flow and dividends is inflation.

Tue, 01/12/2010 - 10:32 | Link to Comment Anonymous
Mon, 01/11/2010 - 23:28 | Link to Comment Anonymous
Tue, 01/12/2010 - 18:47 | Link to Comment Anonymous
Mon, 01/11/2010 - 21:05 | Link to Comment AnonymousMonetarist
AnonymousMonetarist's picture

At no time do their hands leave their arms.

Mon, 01/11/2010 - 21:11 | Link to Comment Mad Max
Mad Max's picture

Well, well, well, the correlation from April 09 onward looks to be in the 0.95 range.

Of course this merely circumstantial evidence!  :)

Mon, 01/11/2010 - 21:18 | Link to Comment Thalamus
Thalamus's picture

Since Gold has been on a 9 year run it makes you wonder if this quantitative easing has been going on all this time, but at an accelerated pace lately. And since Gold hasn't spiked too hard the last year, what kind of manipulation is going on in that market to keep it on a 45 degree upward trek--not a 90 degree upward trek?

Tue, 01/12/2010 - 00:44 | Link to Comment faustian bargain
faustian bargain's picture

never mind the last 9 years - look at the last 97.

Mon, 01/11/2010 - 21:20 | Link to Comment EconomicDisconnect
EconomicDisconnect's picture

And this is ok why?

Argentina and Venezuela have to learn the big lesson:

It's called reserve currency status bitches!

Tue, 01/12/2010 - 10:27 | Link to Comment Anton LaVey
Anton LaVey's picture

Argentina and Venezuela have to learn the big lesson:

It's called reserve currency status bitches!

... Until the day, of course, when the rest of the world just says "Enough!", and start dumping every single US$ it has ever held (and buys SDR, gold and whatever else replaces the US$).

And that day may be closer than you (or I) think.

Mon, 01/11/2010 - 21:22 | Link to Comment Anonymous
Mon, 01/11/2010 - 22:13 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

speaking hypothetically, of course.

Tue, 01/12/2010 - 01:20 | Link to Comment Anonymous
Mon, 01/11/2010 - 21:28 | Link to Comment Lexington Duffet
Lexington Duffet's picture

Here's another scary/pathetic comparison:  run the Stimulus\federal spending deficits against the US trade deficit. Last report the US was $30 billion plus a month negative. http://www.census.gov/indicator/www/ustrade.html 

If you run those numbers, a significant portion of the 2009 Stimulus package went almost directly overseas, 30% if we ignore other deficit spending, 300+ billion of US wealth gone in a year and borrowed money at that.

The other scary/pathetic comparison, run Local, State and Federal government surplus\deficit levels Pre-and post the Reagan tax cut era.  The we think lower taxes will  raise government income crowd now has 30 years of hard data to see how that idea turned out.  

Mon, 01/11/2010 - 21:42 | Link to Comment bugs_
bugs_'s picture

Wonderful comment.  Sad that this rather

obvious fact doesn't get more play whenever

talk of Stimulus XVIII comes up.

Mon, 01/11/2010 - 22:37 | Link to Comment Anonymous
Mon, 01/11/2010 - 21:51 | Link to Comment suteibu
suteibu's picture

I'm all for lower taxes.  The problem with your conclusion is that spending must remain constant.  A 100% tax rate won't raise enough money either unless spending is held in check.

Mon, 01/11/2010 - 21:47 | Link to Comment A_MacLaren
A_MacLaren's picture

Isn't it a little disingenuous to blur the line between the Fed's combined holdings of Treasuries and Agency Securities (MBS)  http://www.federalreserve.gov/releases/h41/20091231/ and compare that to the calendar year budget deficit?

I am no Fed supporter and would rather they were audited to prove the fraud and theft from the citizenry, recapture those funds for the people, and then dispatch the Federal Reserve into the history of Closed Central Banks of the U.S.A.

But agency MBS, and direct indebtedness of Fannie and Fraudy are one thing, with their implicit backing of the taxpayer, and MBS paper is another.

C'mon ZH, let's keep the quality standards at higher levels...

 

Mon, 01/11/2010 - 21:51 | Link to Comment FLETCH
FLETCH's picture

you are missing a key concept, highlighted even by weeniemaster bill gross

read his jan 2010 letter

Mon, 01/11/2010 - 21:51 | Link to Comment Segestan
Segestan's picture

After the smoke clears, so to speak, a closed circuit America just might be the only way to save America. The dollar is toast so we might as well get started on the road to Independence.

Mon, 01/11/2010 - 22:12 | Link to Comment Anonymous
Mon, 01/11/2010 - 22:42 | Link to Comment Anonymous
Mon, 01/11/2010 - 22:43 | Link to Comment bchbum
bchbum's picture

I thought we were in danger of being owned by the Chinese, but it looks like we're owned by the fed.  I'm not sure which is worse.

Mon, 01/11/2010 - 23:00 | Link to Comment ozziindaus
ozziindaus's picture

You don't have to be an economist to realize that perpetual debt machines do not work. But just like perpetual motion machines, politicians will surely try and convince you they do.

http://www.associatedcontent.com/article/2325608/obama_czars_determined_...

Mon, 01/11/2010 - 23:34 | Link to Comment Anonymous
Tue, 01/12/2010 - 00:37 | Link to Comment Tethys
Tethys's picture

+1  I lol'd

Tue, 01/12/2010 - 00:00 | Link to Comment Anonymous
Tue, 01/12/2010 - 00:25 | Link to Comment Cursive
Cursive's picture

And to think someone tried to tell me last night that central bankers at least provide some intermediation that prevents deficit spending (as opposed to the U.S. Treasury regaining the money issuance authority).  Where is that asshat tonight?

Tue, 01/12/2010 - 00:53 | Link to Comment Anonymous
Tue, 01/12/2010 - 01:25 | Link to Comment Anonymous
Tue, 01/12/2010 - 03:55 | Link to Comment perchprism
perchprism's picture

 

I'm not understanding something here---is the claim that the FED bought 92% of US Treasuries?  Is the 1.85 Trillion comprised of Treasuries and MBS?  The link in the article lists T's sold by the month, but nothing about who bought them.   Link here says the FED only has 776 Billion in Treasuries, 300 billion bought last year.

 

http://www.federalreserve.gov/Releases/H41/Current/

Tue, 01/12/2010 - 04:04 | Link to Comment Burnbright
Burnbright's picture

I think Tyler is pointing out the correlation of money printing to deficit spending and how the FED has had direct or indirect purchases through various mechanisms. But proving causation on the other hand would require an audit of the FED and the institutions that were given or lent money.

Tue, 01/12/2010 - 08:48 | Link to Comment boooyaaaah
boooyaaaah's picture

We exported our inflation to pay for:

WW2

The Cold War vs the USSR

The Wars Against Chinese expansion (Korea & VietNam)

But now to pay for our Bankers Financial expirements?

What will we do when we need to defend against the Jihad

 

Tue, 01/12/2010 - 16:26 | Link to Comment Anonymous
Wed, 01/13/2010 - 14:35 | Link to Comment Anonymous
Tue, 01/12/2010 - 16:48 | Link to Comment Anonymous
Tue, 01/12/2010 - 19:02 | Link to Comment Anonymous
Wed, 01/13/2010 - 04:37 | Link to Comment Anonymous
Wed, 01/13/2010 - 22:26 | Link to Comment Anonymous
Thu, 01/14/2010 - 12:31 | Link to Comment Anonymous
Tue, 12/28/2010 - 22:08 | Link to Comment Susancai55
Susancai55's picture

We can see that it's also a difficult time. free ad |USA jobs|adjustable beds

Tue, 01/18/2011 - 07:42 | Link to Comment pams
pams's picture

I am curious to see the 2011 version... I know that the financial crisis affects every domain, but with a good strategy we can grow. las vegas web design

Sun, 02/13/2011 - 02:20 | Link to Comment sidkof
sidkof's picture

My feelings exactly. The profit was accrued interest, so the Fed is still with the bonds. If and when the Fed tries to sell, who will buy them? The government is now a $ 1.5 billion a year. In addition there are about $ 1.5 billion of short-term debt must be refinanced. Perhaps one trillion will be bought by China and other foreigners and a few hundred million dollars will be purchased by the Social Security (if it is accumulating a surplus). But I'm still going to be a lot of links to the left to the buyer of last resort - the Federal Reserve recados para orkut

Mon, 02/21/2011 - 09:41 | Link to Comment gonziwill
gonziwill's picture

I enjoyed reading it. I need to read more on this topic...I admiring time and effort you put in your blog, because it is obviously one great place where I can find lot of useful info. niumba apartamentos

Wed, 02/23/2011 - 01:59 | Link to Comment shawnlee
shawnlee's picture

My feelings exactly. The profit was accrued interest, so the Fed is still with the bonds. If and when the Fed tries to sell, who will buy them? The government is now a $ 1.5 billion a year. In addition there are about $ 1.5 billion of short-term debt must be refinanced. Perhaps one trillion will be bought by China and other foreigners and a few hundred million dollars will be purchased by the Social Security (if it is accumulating a surplus).
gucci watches|70-515|70-290|links of london jewelry

Sun, 03/13/2011 - 09:11 | Link to Comment aston_martin_2
aston_martin_2's picture

History does show that the crazy armed fuckers always take over.  They usually pick on those least able to defend themselves.   My <a href="http://currentwire.org/"> insurance policy</a> is primarily for self-denfense.  What is the point of having either gold or food when it can be taken from you at gunpoint?  I hate the idea of having to physically harm another human being.  Thus, I am a pacifist.  But, my army training and experience has taught me there are many who don't share my views and would not shed a tear taking what they want from those least capable of defending themselves.  So, just because I hate the idea, does not mean I won't defend myself and my family from danger.

Sun, 03/13/2011 - 09:12 | Link to Comment aston_martin_2
aston_martin_2's picture

History does show that the crazy armed fuckers always take over. They usually pick on those least able to defend themselves. My insurance policy is primarily for self-denfense. What is the point of having either gold or food when it can be taken from you at gunpoint? I hate the idea of having to physically harm another human being. Thus, I am a pacifist. But, my army training and experience has taught me there are many who don't share my views and would not shed a tear taking what they want from those least capable of defending themselves. So, just because I hate the idea, does not mean I won't defend myself and my family from danger.

Thu, 03/24/2011 - 06:59 | Link to Comment shawnlee
shawnlee's picture

what they want from those least capable of defending themselves. So, just because I hate the idea, does not mean I won't defend myself and my family from danger. värdera hus

Fri, 04/01/2011 - 03:00 | Link to Comment Hanna
Hanna's picture

In much of the post war years, the Democrats actually artificially increase the value of the dollar, no doubt to help out the European coreligionists. The Republicans have a tendency to pull the dollar down to a reasonable value.

Essay Writing Service

Sat, 04/02/2011 - 07:36 | Link to Comment hushcat
hushcat's picture

You have shared a nice blog. I really want ot say you thanks for sharing this nice article with us. This one is enlightened blog post. Thanks a lot for sharing your valuable views through this blog. I bared so recurrent fascinating stuff in blog. pro trade copycat

Mon, 04/04/2011 - 02:40 | Link to Comment george22
george22's picture

Some acceptable credibility here. One animadversion I apprehend a lot is, if the US abridgement is in such bad shape, why am I not seeing annihilation like all those afflictive 1930's abasement photos in the history books? Well there is still a lot of fat in the average chic lifestyle. Families anticipate they are accepting frugal but they don't apperceive what frugal is yet. They won't acquisition out until they are attractive for sales on potatos instead of tv sets. discount watch \ cheap ladies watches

Wed, 04/06/2011 - 06:34 | Link to Comment shawnlee
shawnlee's picture

In much of the post war years, the Democrats actually artificially increase the value of the dollar, no doubt to help out the European coreligionists. The Republicans have a tendency to pull the dollar down to a reasonable value thomas sabo jewellery sale

- ed hardy

Wed, 04/20/2011 - 05:37 | Link to Comment shawnlee
shawnlee's picture

Some acceptable credibility here. One animadversion I apprehend a lot is, if the US abridgement is in such bad shape, why am I not seeing annihilation like all those afflictive 1930's abasement photos in the history books? Well there is still a lot of fat in the average chic lifestyle. Families anticipate they are accepting frugal but they don't apperceive what frugal is yet. They won't acquisition out until they are attractive for sales on potatos instead of tv setsmcse training \ mcts training \ microsoft training \ network+ training \ oracle training \ pmi training \ pmp training \ sas training \ security+ training \ server+ training \ testkings \ sscp training

Fri, 04/22/2011 - 07:29 | Link to Comment hushcat
hushcat's picture

I found the perfect place for my needs. Contains wonderful and useful messages. I have read most of them and has a lot of them. To me, he's doing the great work.Access Panels

Mon, 04/25/2011 - 07:12 | Link to Comment george22
george22's picture

That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still there.That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still there.Car Headlight

Sat, 04/30/2011 - 03:17 | Link to Comment hushcat
hushcat's picture

The author has written an excellent article.Thanks for this information.Best Forex Robots

Fri, 05/13/2011 - 11:50 | Link to Comment kehn
kehn's picture

Having been simply browsing for pertinent blog posts intended for a project research and My partner and i happened to stumble on yours. Many thanks for the useful information!

Sun, 05/22/2011 - 23:59 | Link to Comment kummar
kummar's picture

people tear down four-star hotels to build five-star ones and bulldoze newly developed construction sites before they are even finished. Lots of young strong buildings are down, fulfilling their unnatural destiny in the roaring noise of blastingtestking HP0-P14
testking HP0-P20
testking HP0-S25
testking HP0-S26
testking HP0-S27
testking HP0-S28
testking HP0-Y30
testking HP0-Y31
testking HP0-Y32
testking HP2-E31
testking HP2-H08
testking HP2-Q04

Mon, 05/30/2011 - 06:29 | Link to Comment kummar
kummar's picture

people tear down four-star hotels to build five-star ones and bulldoze newly developed construction sites before they are even finished. Lots of young strong buildings are down, fulfilling their unnatural destiny in the roaring noise of blasting pass4sure 70-169 - pass4sure 70-178 - pass4sure 70-673 - pass4sure 77-882 - pass4sure 70-668 - pass4sure mcitp

Mon, 06/06/2011 - 01:59 | Link to Comment ricky1
ricky1's picture

Wow, nice post,
there are many person searching about that now they will find enough resources by your post

Generic Viagra | Finpecia | Penegra | Kamagra |Kamagra Oral Jelly

Mon, 06/06/2011 - 02:03 | Link to Comment ricky1
ricky1's picture

I wonder how you got so good. This is really a fascinating blog, lots of stuff that I can get into. One thing I just want to say is that your Blog is so perfect!

Caverta | Generic Viagra | Kamagra  | Cheap Generic Viagra|

 

Thu, 06/09/2011 - 17:02 | Link to Comment sun1
sun1's picture

Its one of the good platform for awareness of people. Keep sharing such stuff in the future too. xbox 360 s

Tue, 06/14/2011 - 03:15 | Link to Comment kummar
kummar's picture

This world will remain doomed, and controlled by endless predatory vipers, until "fictions" are ended. When the USA was established, there were no "fictitious entities" like corporations and such, only real, physical, living, breathing humans producing and trading. Early on there were some very limited fictions that were more-or-less like corporations, except they were "chartered" for extremely specific purposes stated in the charter, and for very limited periods of time. Furthermore, owners were personally responsible for every action taken on behalf of that "fictitious entity".itil v3 exam questions \ hp exam questions \ icnd exam questions \ iseb exam questions \ jncia exam questions \ juniper exam questions \ network+ exam questions \ oracle exam questions \ pmi exam questions \ pmp exam questions \ security+ exam questions \ server+ exam questions

Sun, 06/26/2011 - 12:32 | Link to Comment sun
sun's picture

I found lots of interesting information here. The post was professionally written and I feel like the author has extensive knowledge in the subject. Keep it that way masters in athletic administration

Tue, 08/16/2011 - 01:36 | Link to Comment newdeals2
newdeals2's picture

the unholy trifecta of California ($6.9 billion borrowed), Michigan ($3.9 billion), and New York ($3.2 billion). With this form of shadow bailout occurring, one can only wonder how many other shadow programs are currently in operation to fund states under the table Pass4sure HP0-D08 | Pass4sure 000-118 | Pass4sure 642-457 | Pass4sure 650-568 | Pass4sure 642-731 | Pass4sure 350-050 | Pass4sure 352-001 | Pass4sure 642-062 | Pass4sure 000-115 | Pass4sure 642-262 |

Do NOT follow this link or you will be banned from the site!