Tuesday, 18 November 2008

Bail Out Tally - 2008

Here is the list I have compiled of the Federal Bail Outs and Bridge Loans that have been issued so far in 2008. When you add this to our current budget deficit, it paints a pretty scary picture.

630 Billion – Added Bank Liquidity
http://socialize.morningstar.com/NewSocialize/forums/thread/2568545.aspx

25 Billion – Ford/GM
http://www.breitbart.com/article.php?id=080928164938.dtc44u1c&show_article=1&lst=1


840 Billion – Bail Out Law
http://www.huffingtonpost.com/2008/10/02/house-bailout-vote-encore_n_131222.html?show_comment_id=16432423

85 Billion – AIG
http://www.cnn.com/2008/POLITICS/09/17/aig.bailout.congress/

29 Billion – Bear Stearns
http://www.usnews.com/blogs/flowchart/2008/03/25/what-taxpayers-get-from-the-bear-stearns-bailout.html

200 Billion – Fannie Mae/Freddie Mac
http://citizentom.wordpress.com/2008/10/05/your-cost-for-the-2008-bailouts/

Running Tally: 1.8 Trillion Dollars

Under Discussion - Another 25 Billion to Auto-Makers

If I missed one, let me know.

2 comments:

clark newhall said...

Interestingly, on NPR this morning, Sen. Chris Dodd said in an interview that, if Congress had not passed the bailout, we would now be "sitting and twiddling out thumbs" while the economy crashed. Excuse me, but isn't that exactly were we are now?

sakins said...

Exactly!

I don't think there is any one magic bullet solution to the mess we are in, but we do need to act quickly with a minor positive change that will increase confidence and then start doing some long term planning to actually fix these issues.

I know most people don't like the regulation word, but all good companies invest in Quality Assurace departments and regulation is our government's version of QA. We seriously need to improve/update our regulations and our regulatory process.