A quick note to let everyone know that I have updated some financial figures on “The Real cost of the Bailout.” You will be stunned when you see how this thing is spiraling out of control.
A number of people have asked me to document how we have spent over $4 trillion in bailout money. Turns out, the graphic below was a snapshot of bailout money and now the total has risen to almost $7 trillion. I believe the final total may top $15 trillion. Of course, I said all this months ago but it feels somewhat good to say, “I told you so” to some folks.
1. See the figures below.
2. Bloomberg estimates that the Federal Reserve has spent $3 trillion and pledged $5.7 trillion which would make the total bailout over $12 trillion.
3. I was on a radio program with Congressman Steve Pearce (R-NM) recently and he confirmed that trillions are being spent without approval of Congress.
Financial Crisis Balance Sheet
|Government Entity||Sum in Billions of Dollars|
|(TAF) Term Auction Facility||900|
|Discount Window Lending|
|Loans to buy ABCP||76.5|
|(TSLF) Term Securities Lending Facility||225|
|(MMIFF) Money Market Investor Funding Facility||540|
|Commercial Paper Funding Facility||1800|
|(TARP) Treasury Asset Relief Program||700|
|(FHA) Federal Housing Administration||300|
|Fannie Mae/Freddie Mac||350|
|TARRA – The American Recovery and Reinvestment Act||787|
*References includ US National Archive, US Dept of Defense, US Bureau of Reclamation, Library of Congress, NASA, Panama Canal Authority, FDIC, Brittanica, WSJ, Time, CNN.com, and a number of other websites.
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