$7.7 TRILLION?

OK, as predicted, it looks like Citigroup is getting in on the bailout magic carpet ride. Curiously, there are no real strings attached ... you know, like the one's that are being asked of Detroit's automakers (why don't we force Citigroup to renegotiate it's ARM contracts and/or homes that are upside down in value?).

But this isn't the story of the day. Neither are the appointments of Barack Obama's economic team - which is a stellar group.

The real story is how much the bailout of the our nation's financial institutions is projected to cost the American taxpayer. On my program this past Saturday, I said that we could forget about the $800 billion price tag that was approved by Congress. With previous commitments (over $1 trillion), and emerging FDIC promises ($1.2 trillion), the bailout price tag is really going to cost between $2-3 trillion, minimum.

Bloomberg.com is also reporting that $2-3 trillion might just be floor. But they're also giving us a number to chew on: $7.7 trillion. That's a lot of cash we're going to have to borrow. I hope the Chinese still like us.

Here's something to think about, and a question.

We called it the Great Crash when markets collapsed 33% in 1929. By the early 1930s, because of President Hoover's bumbling, we would call it the Great Depression. Since the beginning of the year U.S. markets are down 38%. If we compare the market today to its peak in October of 2007 U.S. market are down 43%.

So, what do we call this economic mess?

- Mark