$9.7 Trillion on Bailout Programs - Mercedes-Benz Forum

 
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post #1 of 2 (permalink) Old 02-09-2009, 11:29 PM Thread Starter
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$9.7 Trillion on Bailout Programs

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs

Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s 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.

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs - Yahoo! News

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post #2 of 2 (permalink) Old 02-10-2009, 12:00 AM
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Originally Posted by Multipurpose View Post

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.
Note that this means $8.7T of the total $9.7T was already committed before the current stimulus bill.

In a better world, not a penny of this would be spent, imho.
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