|
THE $12 TRILLION BAILOUT
NEVER BEFORE IN AMERICAN HISTORY HAS SO MUCH PUBLIC MONEY
BEEN USED TO BAILOUT PRIVATE BLUNDERS AND CRIMES
THE MONEY SPENT SO FAR IS HIGHER THAN THE COST OF WORLD WAR
II IN CONSTANT DOLLARS
Amounts (Billions)
|
Federal Reserve
|
Limit |
Current |
|
Federal Reserve total
|
$7, 765.64 |
$1, 678.71 |
|
Primary Credit Discount
|
$110.74
|
$61.31 |
|
Secondary Credit
|
$0.19
|
$1.00 |
|
Primary dealer and others
|
$147.00
|
$20.18 |
|
ABCP Liquidity
|
$152.11
|
$6.85
|
|
AIG Credit
|
$60.00 |
$43.19 |
|
Net Portfolio CP Funding
|
$1, 800.00 |
$241.31
|
|
Maiden Lane (Bear Stearns)
|
$29.50 |
$28.82 |
|
Maiden Lane II (AIG)
|
$22.50 |
$18.54 |
|
Maiden Lane III (AIG)
|
$30.00 |
$24.04 |
|
Term Securities Lending
|
$250.00
|
$88.55 |
|
Term Auction Facility
|
$900.00 |
$468.59
|
|
Securities lending overnight
|
$10.00
|
$4.41 |
|
Term Asset-Backed Loan Facility
|
$900.00
|
$4.71
|
|
Currency Swaps/Other Assets
|
$606.00 |
$377.87 |
|
MMIFF
|
$540.00 |
$0.00
|
|
GSE Debt Purchases
|
$600.00
|
$50.39
|
|
GSE Mortgage-Backed Securities
|
$1, 000.00
|
$236.16
|
|
Citigroup Bailout Fed Portion
|
$220.40
|
$0.00
|
|
Bank of America Bailout
|
$87.20
|
$0.00
|
|
Commitment to Buy Treasuries
|
$300.00
|
$7.50 |
|
Federal Deposit Insurance Corp. |
Limit |
Current |
|
FDIC Total
|
$2, 038.50 |
$357.50 |
|
Public-Private Investment*
|
$500.00 |
$0.00 |
|
FDIC Liquidity Guarantees
|
$1, 400.00 |
$316.50 |
|
GE |
$126.00 |
$41.00 |
|
Citigroup Bailout FDIC |
$10.00
|
$0.00 |
|
Bank of America Bailout FDIC |
$2.50
|
$0.00 |
|
Treasury Department |
Limit |
Current |
|
Treasury Total |
$2, 694.00 |
$1, 833.50 |
|
TARP
|
$700.00
|
$599.50
|
|
Tax Break for Banks
|
$29.00
|
$29.00
|
|
Stimulus Package (Bush)
|
$168.00
|
$168.00 |
|
Stimulus II (Obama)
|
$787.00 |
$787.00 |
|
Treasury Exchange Stabilization |
$50.00 |
$50.00 |
|
Student Loan Purchases
|
$60.00 |
$0.00 |
|
Support for Fannie/Freddie
|
$400.00 |
$200.00 |
|
Line of Credit for FDIC
|
$500.00 |
$0.00 |
|
HUD |
Limit |
Current |
|
HUD Total
|
$300.00
|
$300.00
|
|
Hope for Homeowners FHA
|
$300.00
|
$300.00 |
|
U.S. government total
|
$12, 798.14
|
$4, 169.71 |
Source: Bloomberg, 3-31-09
COST OF PREVIOUS MAJOR
GOVERNMENT PROGRAMS
|
U.S. programs Cost in 2008 Dollars |
|
World War II $4,100 billion |
|
The Vietnam War
$686 billion |
|
The New Deal
$500 billion |
|
The Marshall Plan
$125 billion |
|
The Louisiana Purchase
$284 million |
Source: Casey Research, The Wall Street Journal, 12-8-08
|