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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