Financial ‘rescue’ nears GDP as pledges top $12.8 trillion
Posted on March 31st, 2009 at 8:59pm by bile
Tags: AIG, american taxpayers, bailout, Bank of America, banks, Barack Obama, Bear Stearns, Ben Bernanke, Bloomberg, Citigroup, currency, currency swaps, debt, debt purchases, FDIC, FED, Federal Reserve, Federal Reserve System, gdp, government, Japan, liquidity, money, mortgage backed securities, national debt, private investment, SEC, stimulus, stimulus package, taxpayers, Timothy Geithner, U.S. Treasury
The following table details how the Fed and the government have committed the money on behalf of American taxpayers over the past 20 months, according to data compiled by Bloomberg.
=========================================================== --- Amounts (Billions)--- Limit Current =========================================================== Total $12,798.14 $4,169.71 ----------------------------------------------------------- Federal Reserve Total $7,765.64 $1,678.71 Primary Credit Discount $110.74 $61.31 Secondary Credit $0.19 $1.00 Primary dealer and others $147.00 $20.18 ABCP Liquidity $152.11 $6.85 AIG Credit $60.00 $43.19 Net Portfolio CP Funding $1,800.00 $241.31 Maiden Lane (Bear Stearns) $29.50 $28.82 Maiden Lane II (AIG) $22.50 $18.54 Maiden Lane III (AIG) $30.00 $24.04 Term Securities Lending $250.00 $88.55 Term Auction Facility $900.00 $468.59 Securities lending overnight $10.00 $4.41 Term Asset-Backed Loan Facility $900.00 $4.71 Currency Swaps/Other Assets $606.00 $377.87 MMIFF $540.00 $0.00 GSE Debt Purchases $600.00 $50.39 GSE Mortgage-Backed Securities $1,000.00 $236.16 Citigroup Bailout Fed Portion $220.40 $0.00 Bank of America Bailout $87.20 $0.00 Commitment to Buy Treasuries $300.00 $7.50 ----------------------------------------------------------- FDIC Total $2,038.50 $357.50 Public-Private Investment* $500.00 0.00 FDIC Liquidity Guarantees $1,400.00 $316.50 GE $126.00 $41.00 Citigroup Bailout FDIC $10.00 $0.00 Bank of America Bailout FDIC $2.50 $0.00 ----------------------------------------------------------- Treasury Total $2,694.00 $1,833.50 TARP $700.00 $599.50 Tax Break for Banks $29.00 $29.00 Stimulus Package (Bush) $168.00 $168.00 Stimulus II (Obama) $787.00 $787.00 Treasury Exchange Stabilization $50.00 $50.00 Student Loan Purchases $60.00 $0.00 Support for Fannie/Freddie $400.00 $200.00 Line of Credit for FDIC* $500.00 $0.00 ----------------------------------------------------------- HUD Total $300.00 $300.00 Hope for Homeowners FHA $300.00 $300.00 ----------------------------------------------------------- The FDIC’s commitment to guarantee lending under the Legacy Loan Program and the Legacy Asset Program includes a $500 billion line of credit from the U.S. Treasury.
Awesome. And Krugman says they aren’t spending enough. I guess we need to catch up to Japan with their debt being 170% GDP. Obama’s going to have to do better than $10 trillion deficit over the next 8 years to pull this off.
