Holy mother: Bailout Price Tag: $3.5T So Far, But 'Real' Cost May Be Much Higher While the government is clearly spending a lot of taxpayers' money to bail out financial firms, the tally is even bigger than most Americans (economists and pundits included) are probably aware or willing to admit. The bailout bonanza has gotten so big and happened so fast it's the true cost often gets lost in the discussion. Maybe Hank Paulson and Ben Bernanke prefer it that way because the tally so far is nearly $3.5 trillion, and that's before a likely handout for the auto industry. Yes, $3.45 trillion has already been spent, as Bailoutsleuth.com details: $2T Emergency Fed Loans (the ones the Fed won't discuss, as detailed here) $700B TARP (designed to buy bad debt, the fund is rapidly transforming as we'll discuss in an upcoming segment) $300B Hope Now (the government's year-old attempt at mortgage workouts) $200B Fannie/Freddie $140B Tax Breaks for Banks (WaPo has the details) $110B: AIG (with it's new deal this week, the big insurer got $40B of TARP money, plus $110B in other relief) Read the rest: http://finance.yahoo.com/tech-ticke...3.5T-So-Far,-But-Real-Cost-May-Be-Much-Higher
Awe come on.... Did not Paulson and Bernanke say subprime issues were contained? ................................................................... And now Paulson will not even let the government know where the money is.... He probably doesn't even know.... And remember the carte blanche blank check legal terms he wanted.... Man....go read the background info on wiki on Paulson.... http://en.wikipedia.org/wiki/Henry_Paulson Just another "chipster" and a big one at that......
I call BS. Digging through that article and its sources they just pulled the 2T number out of their asses. Shock value gets eyeballs. They allude to "loans" but have no proof those loans even exist.
that number doesn't mean much, because a huge portion of the 3.5T is in loans given to support companies who are struggling only a small percent of that is cash infusion, and it's not extra cash created to support the market, it is cash from taxes and similar sources, so it is not wealth creation or free money, it is debt injection in order to replace destroyed debt in the end the purpose is to get money to circulate in the economy as it did a few years ago
3.5T divied up over 100 million households means the fed could have just given each household 35 thousand dollars each, and we could have paid back all the debt owed on consumer loans ex-housing.
I know, I saw that, but as I said, they pulled it out of their ass. They don't even say how they know these loans exist?