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December 01, 2008 How Much is that Bailout in the Window?
The bailout is ballooning. Imagine that. Some estimates now put the total bill at over 8 trillion dollars.
Those of you who thought that the money was going to the poor folks holding bad mortgages need to think again. According to Mike Sunnucks writing for the Sacramento Business Journal:
Bloomberg has a much more conservative number. They see the bailout as a measly $7.76 trillion:
The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department's $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. Forbes has the bailout pegged at a paltry $6.3 trillion. No matter which estimate it true, when the government throws a trillion dollars here and a trillion dollars there, pretty soon the government is squandering some real money -- and creating real socialism. Our government is now in the debt buying business -- but only for banks, businesses and (in the near future) unions "too big to fail." For the rest of us ... well, there is always Chapter 11 and the soup lines. Hat tip: FIL
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