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The Government Doesn’t Want You to Read This Article About the Financial Crisis Jim Musselwhite Writes: Editor’s Note: This article has been excerpted from a free issue of Robert Prechter’s monthly market letter, The Elliott Wave Theorist.

——————————————————————————— 1. Barack Obama wins Presidential Election and becomes the 44th President of the United States - Hope for a Change 130 Million Americans, more than in any other election since 1960, voted for a change and choose Obama, obtaining a historic victory to become the first black

I had some extra time today so I decided to take a look at what has happened this year. I wanted to go back and take a look at the various buyouts and bailouts that the Government has backed, and the promises made so far. And the numbers are horrendous. The main focus so far is on the $1.5 trillion that has been authorized and/or spent thus far.

November 26, 2008 C-SPAN Mr. Fratto briefed reporters and answered questions on a number of issues including the economy and federal assistance for financial institutions. http://video.google.com/videoplay?docid=5975844354745189444

——————————————————————————— 1. Barack Obama wins Presidential Election and becomes the 44th President of the United States - Hope for a Change 130 Million Americans, more than in any other election since 1960, voted for a change and choose Obama, obtaining a historic victory to become the first black

The Fed announced today it will purchase up to $600 billion in mortgage backed securities issued by Fannie, Freddie and Ginnie Mae. As a result, 30 year fixed rates drop to 5.50%. This is great news!  What isn’t such great news is that those in need of a “hand up” are NOT going to get it.

——————————————————————————— 1. Barack Obama wins Presidential Election and becomes the 44th President of the United States - Hope for a Change 130 Million Americans, more than in any other election since 1960, voted for a change and choose Obama, obtaining a historic victory to become the first black

I just finished reading this story.  It outlines actions taken today by the U.S. Federal Reserve and was headlined, “Fed throws fresh lifeline to stressed households.” In a nutshell, here’s what the Fed did today: Announced it will buy $100 billion in debt now owned by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

The bailouts for 2008 By Daniel | November 25, 2008 CASH INFUSIONS October 14th 2008 Bank of America $ 15 Billion March 16th 2008 Chase Bank $ 29 Billion October 14th 2008 Chase Bank $ 25 Billion October 14th 2008 Wells Fargo Bank $ 25 Billion October 14th 2008 Citibank $ 25 Billion November

FDIC Graphs Show the Extent of Financial Crisis FDIC Graphs Show the Extent of Financial Crisis  More Institutions Report Declining Earnings, Quarterly Losses: Troubled assets continued to mount at insured commercial banks and savings institutions in the third quarter of 2008, placing a growing burden on industry earnings.