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Reply #165: "According to some estimates we cannot track $2.3 trillion in transactions" [View All]

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Poboy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-12-10 06:57 PM
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165. "According to some estimates we cannot track $2.3 trillion in transactions"
Defense v.s. Wall Street : A Cost Comparison
Being an avid documentary film fan, I recently re-watched an excellent one called "Why We Fight" by Eugene Jarecki. For those who haven't seen it, it tackles the topic of the military industrial complex in post WWII America.

While watching this film I had a sudden flashback to September 10, 2001, the day before the infamous and horrific attacks on the twin towers and the pentagon. The image that I saw was that of Secretary of Defense Donald Rumsfeld standing at a podium and telling the reporters in the press conference:

"According to some estimates we cannot track $2.3 trillion in transactions"


I instantly remembered how stunned I was at hearing the word trillion in an era before the financial crisis had made us desensitized to the enormity of the number. Back then a billion was a lot of money!

So I decided to do a quick cost comparison between the wall street induced cost burden to the US federal budget and those induced by the lost funds admitted to by Rumsfeld on that day. Considering the outrage directed at Wall Street in the post TARP era, I was very curious to see the results.

Note: This is simply a comparison of inefficiencies and/or possible foul play by wall street and the pentagon. This is not an indictment of either nor is it a discussion about the relative worth of the functions they serve.


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http://fedupmontrealer.blogspot.com/2010/12/defense-vs-...
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