2008 Bailouts to Cost More Than All Others Combined
Assuming the administration's $700-billion scheme is approved, the total price tag for bailouts this year -- including Bear Stearns, AIG and Freddie and Fannie -- will be roughly three times greater than all other U.S. bailouts ever. Because $1.015 trillion is a hard figure to wrap one's head around, ProPublica puts the numbers in perspective.
Assuming the administration’s $700-billion scheme is approved, the total price tag for bailouts this year — including Bear Stearns, AIG and Freddie and Fannie — will be roughly three times greater than all other U.S. bailouts ever. Because $1.015 trillion is a hard figure to wrap one’s head around, ProPublica puts the numbers in perspective.
AS CHAOS UNFOLDS, FIND SOLID GROUND…ProPublica:
Together with the total of $315 billion the government put forward earlier this year to engineer the bailouts of Bear Stearns, AIG and Freddie Mac and Fannie Mae, the administration’s new plan brings the potential price tag of the current subprime crisis up to $1.015 trillion. The total for all U.S. government bailouts predating this year, by comparison, is $347.5 billion.
After the jump is our updated chart — and graphic — showing the history of U.S. government bailouts, calculated in 2008 dollars.
In this time of unprecedented challenges, independent journalism is more vital than ever. At Truthdig, we expose what power wants hidden and give you the clarity to make sense of it all.
Your donation helps ensure that truth telling continues.
Editorial Cartoons
Editorial Cartoons
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.