A trillion here…

Todays rant is once again going to ruffle a few feathers.
I’m not going to say the figures mentioned here are written
in stone or can be proven beyond a shadow of doubt. But if
you have a January/February 2010 issue of Mother Jones magazine
it has some of the information in it.

There are people out there who claim this administration
isn’t costing us any more than the last one, and some of us think
spending is way out of hand. Most who argue on the ‘not out
of hand’ side claim the bailout only cost $700 billion. Those
who take the ‘spending is out of hand’ approach say it is
really $14.4 trillion.

Now I’m not a math wiz but that seems like a pretty big
difference even if I’m not used to working with that many zeros.
If you have a copy of It Takes a Pillage: Behind the Bailouts,
Bonuses, and Backroom Deals from Washington to Wall Street by
Nomi Prins you may lean toward more zeros.

She claims the Treasury Department is on the hook for $7.2
trillion. This would include $3.7 trillion for MMMF the Money
Market Mutual Fund, $1 trillion for PPIF the Public-Private
Investment Fund, $578 billion for TARP the Troubled Assests
Relief Program, $400 billion for GSE the Government-sponsered
enterprise stock purchase, $314 billion for the GSE mortage-
backed securities purchase, $301 billion for the Citigroup asset
guarantee, $260 billion for T-bill auctions to fund the Fed,
$159 billion in TARP overpayments, $118 billion for the Bank of
America asset guarantee, $100 billion for Potential International
fund liabilities, $50 billion for HAMP the Home Affordable
Modification Program, $50 billion for the Treasury exchange
stabilization fund, And $25 billion for the GSE credit facility
program. To be honest, to the best of my knowledge, $72 billion
of the TARP monies has been repaid.

The Federal Reserve gets hit for $7.2 also in her book. This
includes $1.8 trillion for the CPFF the Commercial Paper Funding
Facility, $1.25 trillion for the mortage-backed securities
purchase, $1 trillion for the Term Asset-Backed Securities Loan
Facility, $755 billion for the Foreign central bank currency
liquidity swaps, $540 billion for the Money Market Investor
Funding Facility, $300 billion for the Treasury purchase program,
$200 billion for a GSE program, $148 billion for Primary Dealer
Credit Facility, $146 billion for an ABCP, MMMF liquidation
facility, and over a dozen more.

So one wonders who has is right. Was the bailout ‘only’ $700
billion or closer to what Ms. Prins suggests?
Comments are always welcome.

4 Responses to A trillion here…

  1. anonymous says:

    Obama must think that we all believe it when he tells these stories about letters from U.S. citizens that he has received and read, and now the story about his child who walked into his bathroom and asked if he had plugged the hole yet.

    He’s not much of a speaker when it comes to presidential addresses either. He read the thing word for word yesterday from the teleprompter, and rarely, if ever, looked into the camera. It seemed like he was lying and couldn’t look Americans in the face.

  2. cruisin2 says:

    anonymous,
    I’m still not impressed but some are. I’ve noticed he keeps saying the government was on top of the oil spill from day one but it keeps leaking.

  3. thescoundrel says:

    The government intentionally throws ups smoke screens when it comes to spending. They don’t want you to know how much they are spending. Often they have no clue themselves. They just create magical numbers and situations about how they think it should be and then hope no one is watching when their budgets crumble.

  4. cruisin2 says:

    scoundrel,
    lol, They must be magical numbers because there’s no way they are real.

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