Matt Collins
11-14-2008, 02:28 PM
Brain-Boggling Bailout Boondoggle Numbers
(from Reason)
How much has the government thrown down the bailout rathole... so far?
The Reason Foundation's (http://reason.org/) Anthony Randazzo has added it up for you.
Here goes:
$29 billion for Bear Stearns
$143.8 billion for AIG (thus far, it keeps growing)
$100 billion for Fannie Mae
$100 billion for Freddie Mac
$700 billion for Wall Street, including Bank of America (Merrill Lynch), Citigroup***, JP Morgan*** (WaMu), Wells Fargo (Wachovia), Morgan Stanley***, Goldman Sachs***, and a lot more
$25 billion for The Big Three in Detroit
$8 billion for IndyMac
$150 billion stimulus package (from January)
$50 billion for money market funds
$138 billion for Lehman Bros. (post bankruptcy) through JP Morgan***
$620 billion for general currency swaps from the Fed
ROUGH TOTAL: $2,063,800,000,000
Yes, over $2 trillion dollars. As of November 7.
That's about $6,800 for every man, woman, and child. About $15,000 per taxpayer.
And actually, it's even worse.
Randazzo adds: "This doesn't include the hundreds of billions the fed has and will buy up in commercial paper and lend out to other financial firms. The deficit is nearly $440 billion this year, and the national debt is $10.5 trillion.
"If these numbers don't shake the next Congress into becoming more fiscally responsible, probably nothing will."
(Source: Reason Foundation:
http://www.reason.org/outofcontrol/archives/2008/11/how_much_have_w.html }
***It should noted that the these organizational PACs contributed the following amount to President-Elect Hussein B.O....
Goldman Sachs - (http://www.opensecrets.org/orgs/summary.php?id=D000000085)$874,207
JPMorgan Chase & Co - (http://www.opensecrets.org/orgs/summary.php?id=D000000103)$581,460
Citigroup Inc - (http://www.opensecrets.org/orgs/summary.php?id=D000000071)$581,216
Morgan Stanley - (http://www.opensecrets.org/orgs/summary.php?id=D000000106)$425,102
UBS AG - $454,795
Source:
http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638
.
(from Reason)
How much has the government thrown down the bailout rathole... so far?
The Reason Foundation's (http://reason.org/) Anthony Randazzo has added it up for you.
Here goes:
$29 billion for Bear Stearns
$143.8 billion for AIG (thus far, it keeps growing)
$100 billion for Fannie Mae
$100 billion for Freddie Mac
$700 billion for Wall Street, including Bank of America (Merrill Lynch), Citigroup***, JP Morgan*** (WaMu), Wells Fargo (Wachovia), Morgan Stanley***, Goldman Sachs***, and a lot more
$25 billion for The Big Three in Detroit
$8 billion for IndyMac
$150 billion stimulus package (from January)
$50 billion for money market funds
$138 billion for Lehman Bros. (post bankruptcy) through JP Morgan***
$620 billion for general currency swaps from the Fed
ROUGH TOTAL: $2,063,800,000,000
Yes, over $2 trillion dollars. As of November 7.
That's about $6,800 for every man, woman, and child. About $15,000 per taxpayer.
And actually, it's even worse.
Randazzo adds: "This doesn't include the hundreds of billions the fed has and will buy up in commercial paper and lend out to other financial firms. The deficit is nearly $440 billion this year, and the national debt is $10.5 trillion.
"If these numbers don't shake the next Congress into becoming more fiscally responsible, probably nothing will."
(Source: Reason Foundation:
http://www.reason.org/outofcontrol/archives/2008/11/how_much_have_w.html }
***It should noted that the these organizational PACs contributed the following amount to President-Elect Hussein B.O....
Goldman Sachs - (http://www.opensecrets.org/orgs/summary.php?id=D000000085)$874,207
JPMorgan Chase & Co - (http://www.opensecrets.org/orgs/summary.php?id=D000000103)$581,460
Citigroup Inc - (http://www.opensecrets.org/orgs/summary.php?id=D000000071)$581,216
Morgan Stanley - (http://www.opensecrets.org/orgs/summary.php?id=D000000106)$425,102
UBS AG - $454,795
Source:
http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638
.