It’s not the $ 700 billion that was passed in October.
It’s not even the $ 2 trillion that the Federal Reserve is apparently on the hook for.
The true cost of the bailout is something closer to $ 5 trillion:
For all the fury over Treasury Secretary Henry Paulson’s $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government’s response to the credit crisis.
According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.
That’s roughly $ 16,350 for every man, woman, and child in the United States.
Tell me again how this is all going to end well.
November 13th, 2008 at 11:40 pm
[...] Worlds and who, when the shit hit the fan, bugged his eyes way out of his head and orchestrated a five trillion dollar bailout of an increasingly loosely-defined “financial sector” — that George W. [...]