How ‘big’ is the $700 billion bailout?



Got this e-mail from a co-worker this morning:

A fact, because it’s not a fun fact, I’ll just call it a fact. This morning on the radio I heard that the $700B bale out put in physical terms, would equal approximately 5.5 Empire State Buildings tall of $100 bill bricks ($100,000 in a brick of 2.5” tall bills).

What’s sad is that all those dollar bill bricks are held together by citizens’ repossessed homes, lost businesses, and bankruptcies.

While Washington tries to figure out what the heck to do, we’ll risk repeating ourselves: we’re doing fine.

During his address last night, President Bush said that small-town banks risk failure, but we’re not in any danger. We had an incredible year last year (8,000 new members in fact), and this year we’re growing almost as much. Our July loan rebate will give back thousands of dollars to our members, and our car sale last weekend kept $1 million in the community.

Credit unions are a safe, smooth-sailing way to do your banking. We weather these turbulent times thanks to the strength of our members and our service-minded philosophy. Plus, we’re backed by the full faith and credit of the United States government thanks to the National Credit Union Administration (NCUA), which insures deposits up to $100,000. Think of the NCUA, much like the FDIC for banks, as a strong umbrella in the storm.

American 1 takes our members’ money seriously. We don‘t gamble with sub-prime mortgages, we invest responsibly, and we give back to our community thanks to the support of you and your friends and family.

So for now, we’ll ride this thing out and see what happens at the other end. But this is no time to panic, no matter how many dollar bill bricks it takes to fix the mess.


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