Mar
17
SEE BLOOMBERG ARTICLE:
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok
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U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1)
By Mark Pittman and Bob Ivry
Feb. 9 (Bloomberg) — The stimulus package the U.S. Congress is completing would raise the governments commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nations home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.
Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients names have not been disclosed.
Weve seen money go out the back door of this government unlike any time in the history of our country, Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?
Financial Rescue
The pledges, amounting to almost two-thirds of the value of everything produced in the U.S. last year, are intended to rescue the financial system after the credit markets seized up about 18 months ago. The promises are composed of about $1 trillion in stimulus packages, around $3 trillion in lending and spending and $5.7 trillion in agreements to provide aid. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps.
Federal Reserve lending to banks peaked at a record $2.3 trillion in December, dropping to $1.83 trillion by last week. The Fed balance sheet is still more than double the $880 billion it was in the week before Sept. 17 when it agreed to accept lower-quality collateral.
The worst financial crisis in two generations has erased $14.5 trillion, or 33 percent, of the value of the worlds companies since Sept. 15; brought down Bear Stearns Cos. and Lehman Brothers Holdings Inc.; and led to the takeover of Merrill Lynch & Co. by Bank of America Corp.
The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. Its 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok
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THE $10 TRILLION BAILOUT: What Can We Do?
http://blackkrishna.blogspot.com/2009/02/10-trillion-bailout-what-can-we-do.html
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Duration : 0:3:0
[youtube r7wBMeIoPIQ]
Comments
7 Responses to “Bloomberg: Obama Banker Bailout = $10 TRILLION!!!”
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you tube is …
you tube is retarded and backed by corps
Look at the facts …
Look at the facts stupid…Bush administration spent the savings of a rational President and created the current situation..if you have anger go after Bush and his cronies cause they have your money..there are the lies
have you bothered …
have you bothered checking any of your “facts” since last February?
Also, Krishna is an Indian god associated with both beauty and sage advice… kinda ironic that you call yourself by that name, since what you are saying is REALLY outdated at this point…and as for beauty… well, I’l leave it at that.
check out this …
check out this video!!!
Goverment Spending So Far
way to go man. this …
way to go man. this is sad. i posted your youtube on digg and the bloomberg link for those who could read and of course i still get dugg down. no rest for the wicked, no good deed going unpunished.
Agreed, that’s why …
Agreed, that’s why all the other crap is a distraction. Obama’s “Special Olympics” goof on Leno, the AIG “bonuses”, all of this crap is soon forgotten as we float along the media’ s cesspool of propaganda. Check Infowars for rare mainstream news stories that challenge the national narrative, or what good journalists find instead of what corporations all promote at once. The Banksters just stole $10 trillion while we’re supposed to go broke. If that’s not “news” then what the is? Peace, BK
“I believe that …
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”