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Message: a drop in the bucket
Was a Drop in the Bucket
By Christopher Barker
November 26, 2008 | Comments (0)
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I remember when $3.9 trillion sounded like a lot of money.
Just weeks after that unfathomable figure dropped my jaw to the ground as I added up the total cost of the financial crisis, I regret to inform you that the sum has promptly doubled. That's right: While the nation was mired in contentious debate over a measly $25 billion bailout for the likes of General Motors (NYSE: GM) and Ford (NYSE: F), my Foolish running tally grew by more than 188 times that amount!
Drawn from independent research and diverse published sources, the following table seeks to provide as precise an accounting of the crisis as the public record currently permits. By my calculations, the combined total of existing and announced outlays from the Federal Reserve and from U.S. government agencies that are directly attributable to the financial crisis has ballooned to more than $8 trillion.
|
Commercial Paper Funding Facility |
Federal Reserve |
$1.8 trillion |
|
Temporary Liquidity Guarantee Program |
FDIC |
$1.4 trillion |
|
Term Auction Facility (TAF) |
Federal Reserve |
$900 billion |
|
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE), and Ginnie Mae |
U.S. Treasury / Federal Reserve |
$800 billion |
|
Treasury Asset Relief Program (TARP) |
U.S. Treasury |
$700 billion |
|
Total USD International Currency Swap Lines |
Federal Reserve |
$688 billion |
|
Money Market Investor Funding Facility |
Federal Reserve |
$540 billion |
|
Other Loans: Primary Dealer Credit, etc. |
Federal Reserve |
$288.7 billion |
|
Citigroup (NYSE: C) Guarantee |
U.S. Treasury / FDIC |
$306 billion |
|
Hope for Homeowners Act of 2008 |
U.S. Treasury |
$304 billion |
|
Term Securities Lending Facility (TSLF) |
Federal Reserve |
$225 billion |
|
Term Asset-Backed Securities Loan Facility (TALF) |
U.S. Treasury |
$200 billion |
|
Economic Stimulus Act of 2008 |
U.S. Treasury |
$168 billion |
|
Paid to JPMorgan Chase (NYSE: JPM) to Settle Lehman Brothers Debt |
Federal Reserve |
$138 billion |
|
AIG (NYSE: AIG) Bailout |
Federal Reserve |
$112.5 billion |
|
Bear Stearns Brokered Sale |
Federal Reserve |
$26.9 billion |
|
I'm afraid to look … |
Total: |
$8,597,100,000,000 |
* "Other loans" total from the Fed's statistical release as of Nov. 19, 2008, which includes discount window lending to banks and brokerages, and the Asset-Backed Commercial
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