April 2nd, 2009Total Bailout Cost Now $12.8 Trillion
Thank you Bloomberg for diligent reporting on the largest taxpayer funded corporate welfare program in United States history. The bailout cost had approached $8.5 trillion dollars as of December 2008. Since that time, there have been multiple rounds of new AIG cash infusions, automaker cash infusions, more worthless “assett” guarantees, monetizing debt (direct printing of new government debt), aid to homeowners in default on their mortgages, PPIP and more.
This new Bloomberg article does an excellent job of breaking down the insanity.
The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s…
The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation…
The combined commitment has increased by 73 percent since November, when Bloomberg first estimated the funding, loans and guarantees at $7.4 trillion…
Thank you Bloomberg for being the only news organization to report the truth – in all its ugly details – on the bailouts.
Also See:
April 3rd, 2009 at 9:31 am
Some part of those funds could be coming back (how much and effect is still TBD) so it may not be quite the same as welfare. Check this out: http://www.fool.com/investing/general/2009/04/02/banks-are-repaying-bailout-money-hooray.aspx
April 9th, 2009 at 3:35 pm
[...] has already been done. I think I will go fishing Saturday instead and try not to think about it. Total Bailout Cost Now $12.8 Trillion | Geldpress [...]
July 11th, 2009 at 8:33 am
[...] rejecting another stimulus, but with a national debt over $11.5 trillion, and a financial disaster bailout cost of $12.8 trillion, lets hope Obama has finally come to his senses and does actually reject any additional [...]
August 29th, 2009 at 1:28 pm
If the Government had given the $42,000 per person to the people,
houses would be paid up or paid off and the collapse would not have happened.
People would paid off their credit cards and the banks would not have needed the bail out.
People would have bought cars and the car companies would be doing fine.
The whole country would have won.
Instead it was given to the corpations who asorbed most of it and the economy still is in trouble.