“So what is this REALLY costing us? That $700 billion seems like a lot, but a research firm has calculated the running total of the government’s response to the credit crisis … and it says that the United States government (aka. the taxpayers) has put itself on the hook for $5 trillion in order to save our financial system. And that figure is just $5 trillion, so far … Meanwhile, every lobbyist is chomping at a piece of the bailout pie. Here’s a prime example: the National Marine Manufacturers Association is asking whether or not boat financing companies are eligible for a bailout. They want to make sure that dealers have access to credit so that they can stock their showrooms with boats.” http://www.forbes.com/home/2008/11/12/paulson-bernanke-fed-biz-wall-cx_lm_1112bailout.html 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.
Whats that…about 40% of total US GDP? If that’s the case, we’re seriously screwed going forward, and not only us, but our kids, grandchildren, great, great-great, etc…will be paying for the mess these guys created. If any of these guys get to keep their bonuses and someone doesn’t kill them, I’d be shocked.
How’s the math work on the 5 trillion?