CNBC– Given the speed at which the federal government is throwing money at the financial crisis, the average taxpayer, never mind member of Congress, might not be faulted for losing track.
CNBC, however, has been paying very close attention and keeping a running tally of actual spending as well as the commitments involved. Try $4.28 trillion dollars. That’s $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources*. Not only is it a astronomical amount of money, its’ a complicated cocktail of budgeted dollars, actual spending,
guarantees, loans, swaps and other market mechanisms by the Federal Reserve, the Treasury and other offices of government taken over roughly the last year, based on government data and new releases. Strictly speaking, not every cent is directed a result of what’s called the financial crisis, but it arguably related to it.
Some 68-percent of the sum falls under the Federal Reserve’s umbrella, while another 16 percent is the under the Treasury Asset Relief Program, TARP, as defined under the Emergency Economic Stabilization Act, signed into law in early October.
(The TARP alone is bigger than virtually any other US government endeavor dating back to the Louisiana Purchase.)
Is there any light at the end of this long tunnel? See the breakdown of recipients here.
Found by Ian Warner.
Geezz, I can’t bear to watch. I’m afraid to see what happens with the Big 3…
*shrug*
What’s another 4 T subprime mortgage when we already owe 10 T
What if, just in time for black Friday and the Christmas sales, the government just sends everyone a check for $5,000.
For every man, woman and child.
That’s between $1 and $1.5 Trillion.
Would the result be any different? Most people would cash the checks and go on a spending spree. Some might pay down their mortgages, or at least be able to make payments for a few more months. Others would invest in the stock market. Some might even save it.
And within a few years, most of the money would have been re-collected by the government in the form of taxes, or the banks would have it.
And the country would still be another $1.5 Trillion more in debt. At this point, is this any worse than what is being proposed?
The real alternative — not doing the bail-out — simply isn’t being considered any more.
Where is the money coming from? Is the money being printed or borrowed?
Saw that coming. Next it will be 700 trilllion. Worrying about this is a joke. Worldwide transactions are at least that much every second or two in world wide commerce.
16% of $4.3 trillion. I’m not very good at math, how much is that?
Instead of bailing out GM, how about buying it?
The total market value is about $7 billion.
Does anybody know what the fuck they’re doing anymore?
Wow.. Thomas Jefferson was right after all. Banks really are worse then standing armies.
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…I believe that banking institutions are more dangerous to our liberties than standing armies… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson (1743-1826)
Enjoy the Great Depression 2.0 Police State – I sure won’t…
(PS – Will someone please send Kashkari, Paulson, Bernaki, and others of their ilk to jail for looting?)
I would have never expected the burden of installing a reckless and irresponsible presidency would be this bad. Republicans continue to exceed expectations.
Im looking at this list…
Anyone KNOW WHAT some of these places are??
SWAP LINES??
TERM SEC. LENDING Facility??
MONEY MARKET INVESTOR FUNDING??
I get this funny feeling that we ARNT paying loans here. We arnt BUYING HOMES or the PAPER mortgages.
We seem to be paying OFF every BANK, that had ANYTHING to do with this or buying up the LOANS.
WE could BUY ALL the HOMES, put them under FHA, and sell them BACK to the owners for LESS.
I mentioned BEFORE..
That we will end up PAYING the WHOLE COST, PLUS ALL THE INTEREST for EVERY INFLATED, OVER PRICED, HOME/McMansion in the LAST 30 years..
At this price, I BELIEVE. we could BUY 2-4 of these CORPS…
HAVE them BUY UP THE MORTGAGES, CHEAP as they are FAILED..
And STILL have money LEFT..
#8
No Accountability!!!!!
#11 I believe your Caps Lock key is on the fritz.
# 9 dexton7 said, “Wow.. Thomas Jefferson was right after all. Banks really are worse then standing armies.”
Yes, the founding of the Fed & Congress abdicating its power to it, was the beginning of the end.
#13
You must be new here.
The sad part of this whole thing is we were warned decades ago about this.
The message was ignored time and again.
When it wasn’t ignored, it was laughed at.
When the it wasn’t laughed at, CEO’s and heads of state refuted it with lies.
And looky where we are!
I don’t think the majority of the people realize just how screwed we are right now. They’re just waiting for the government to bail them out.
The government got them into this mess to start with! You don’t solve a liquidity problem by devaluing your money.
Yes, I’ve stocked up on tuna and ammo.
# 16 Indeed.
http://www.youtube.com/watch?v=2I0QN-FYkpw
15
I LOL’d.
13
Seriously. ECA is the MASTER of odd PLACING of cAPITALs. His spelling is usually QUITE good. THAT being said, one YOU get tO know HIS technique you’LL FIND some interesting NUGGETS!
I lost my job with a Fortune 250 company Friday. Now I really do not give a fuck.
It’s very simple, we are paying gambling debts.
I see light at the end of the tunnel. Must be freight train.
Never let it be said a foreign power destroyed the United States. It was the Dems and the Reps.
#9 … he was speaking about individual banks printing their own individual currencies. Which they haven’t done for… 150 years? I’d have to go look it up.
The only “bank” that prints currency now is the Fed, which is printing like mad.
Yes, I know the Treasury prints the money… but they are effectively a contractor. The Fed actually decides how much liquidity to put into the economy from the government side. Since the Fed is accountable to the government, the government is accountable to us, we own the bank and use it.
Which kinda says we all did this to ourselves.
I’d be watching commodities though, they are tanking big time and the deflation hasn’t begun to percolate yet. Next year isn’t going to be good.
Last gasp of the Repukes ***STEALING IN ALL DIRECTIONS*** !!! Anything not NAILED DOWN, the Repukes are TRYING TO CART AWAY !!! The Treasury, The FED, and 12 Billion a Month for the PHONY WAR AGAINST “TERRORISM” (AND ***NEVER GOT OSAMA***) !!! Repukes are NOTHING BUT LYING, THEIVING, MURDERING PIGS !!! We need to EMPTY GITMO TO MAKE ROOM FOR THE REAL TERRORISTS, THE REPUKES – EVERY ONE OF THEM SHOULD SPEND THE REST OF THEIR LIVES IN A DOG CAGE AT GITMO !!!
*Hands JimD a box of crayons and a coloring book.*
#24 Don’t do that. Last time he just ate the crayons and as for the coloring book…the plumbers bills!
This is why 99 out of 100 people were telling their congressmen they’re against the bailout before it happened (ignoring them). Seeing everyone’s comments, that not one person here thinks this is good, how can anyone be for bigger government when this is how it would be?
Don’t cry because its over, smile becuase it happened;)
26,
I have to cry…
The 5.6% rise in Social security, MAY BE A BUST..
Consider that in the LAST 10 years, Cost of living has gone up about >50%…My Social security has gone up <25%..Figure out what that is on your OWN..
I was making $650 in 1999, Im only $100 MORE at this time. 2.5% per year increase, dont add up to much does it.
#11 & #23 et al
I wonder if it could be possible for a computer to convert automatically all the UPPER CASE text leaving a capital at the beginning of each sentence. I could read then.
The US will bail out the American auto industry – write it down. With the Bush regime increasingly irrelevant, the government will act to do the right thing.
These desperate times call for stabilizing the economy with new ideas similar to those employed by the G20. It will happen. $25B is nothing.
Compare $25B to George Bush’s $150B piss away earlier this year with his “stimulus package”. It was his lame attempt to “spread the wealth” by giving away $150B to shore up his approval ratings.
That Bush $150B pissaway is GONE , zip, nada and now the loser Republicans pretend to be fiscal hawks by depriving a tiny fraction of that amount to stave off mass unemployment and retool the industry.
LOSERS ! You must DIE