I just keeps getting better and beter.
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Total Bailout Cost Heads Towards $5 TRILLION
Numbers becoming meaningless as Paulson defends government intervention
Steve Watson
Infowars.net
Wednesday, Oct 15, 2008
The total potential cost of the financial bailout to the U.S. taxpayer is already rapidly approaching $5 trillion, over seven times as much as the meaningless $700 billion bailout bill figure.
Analysts have previously marked out the $5 trillion figure as the actual cost, now those predictions are becoming demonstratively accurate.
Meanwhile, Hank Paulson has defended government intervention, stating “There’s no doubt that the way to get the maximum bang for the taxpayers here was to invest in banks.”
Based on this Reuters summary and the sources linked within the table, here is a breakdown of the bailout’s cost to taxpayers so far.
Bailout Type Cost To Taxpayers
Pelosi’s latest economic-stimulus package $300 billion
Paulson’s Bank Nationalization package $250billion
Bailout to the American car companies $25 billion
Nancy Pelosi’s bailout of the state and local governments $150 billion
Financial “bailout” bill $700 billion+
Bear Stearns financing $29 billion
Fannie Mae and Freddie Mac nationalization $200 billion
AIG loan and nationalization $85 billion (+ extra request of $35 billion)
Federal Housing Administration housing rescue bill $300 billion
Mortgage community grants $4 billion
JPMorgan Chase repayments $87 billion
Loans to banks via Fed’s Term Auction Facility $200 billion+
Loans from Depression-era Exchange Stabilization Fund $50 billion
Purchases of mortgage securities by Fannie/Freddie $144 billion
POSSIBLE TOTAL $2.56 trillion+
NUMBER OF HOUSEHOLDS PER
U.S. CENSUS 105,480,101
POSSIBLE COST PER HOUSEHOLD $24,269
In addition, the U.S. government has said it will temporarily guarantee $1.5 trillion (£856 billion) in new senior debt issued by banks, as well as insure $500 billion (£285 billion) in deposits in non-interest accounts, mainly used by businesses.
These figures take the potential cost to $4.559 trillion+ - or $43, 221 per household.
Furthermore, when you account for the fact that the credit default swap market is around $62 trillion, and that derivatives worldwide are worth between between $1 and $2 quadrillion, the numbers start to become meaningless
By faith Noah,being warned of God of things not seen as yet, moved with fear,prepared an ark to the saving of his house;by the which he condemned the world,and became heir of the righteousness which is by faith Heb.11:7
Sounds a but skewed but then you have to figure in all the pork barrel stuff, and the inflated wages of the departments needed to distribute and audit the money, add a big bonus for the CEO's for getting a bail out... 1 trillion for that and the .5 for the actual loans... yeah that sounds about right.
Thank God I'm alive!
Hyperbole can be a powerful tool. I have no doubt that the actual cost of the bailout to the taxpayers is well above the $700 billion that has been appropriated, but $5 trillion seems a bit inflated.
Fifty years ago most would have said the same thing about the national debt as it stand today too. Our bureaucrats have learned to waist tax payers money with phenomenal success.
By faith Noah,being warned of God of things not seen as yet, moved with fear,prepared an ark to the saving of his house;by the which he condemned the world,and became heir of the righteousness which is by faith Heb.11:7
Waiting for the revolt
Keep waiting. Most Americans are like the frog in water. Will set there and die before he realises that the fire had been turned up and he is boiling to death.Originally Posted by kwo51
Waiting for the revolt
By faith Noah,being warned of God of things not seen as yet, moved with fear,prepared an ark to the saving of his house;by the which he condemned the world,and became heir of the righteousness which is by faith Heb.11:7
Thank God I'm alive!
That's true, but I know hyperbole when I see it, and this is definitely hyperbole.
You are entitled to your opinion even if it is wrong.
By faith Noah,being warned of God of things not seen as yet, moved with fear,prepared an ark to the saving of his house;by the which he condemned the world,and became heir of the righteousness which is by faith Heb.11:7
As many times as I have not agreed with tattedupboy, I am afraid he is right on this one... the numbers have been heavily inflated for the press.
Perhaps but I don't think we have seen the bottom line yet. Usually the government tries to underestimate everything so as not to panic the sheeple.
By faith Noah,being warned of God of things not seen as yet, moved with fear,prepared an ark to the saving of his house;by the which he condemned the world,and became heir of the righteousness which is by faith Heb.11:7
