I commented earlier the Administration simply pulled the $700 billion bailout figure out of thin air.
Now we find out what type of leadership Congress really has.
That $700 billion bailout bill? Well, now it’s $1.8 trillion (that’s $1,800,000,000,000.00) or approximately $17,000 per household – and still climbing.
Thanks, Congress. Thanks, Mr. President.
I’ve searched far and wide tonight for all of the details, and will keep searching tomorrow and give you the details when I find them.
But consider this. After the bill was signed, stocks continued to decline.
Here’s what Congress, President Bush and the Beltway Bandits just charged to you:
| Bailout type | Cost to taxpayers (Source: Reuters) |
|---|---|
| Financial bailout package approved this week | up to or more than $700 billion |
| Bear Stearns financing | $29 billion |
| Fannie Mae and Freddie Mac nationalization | $200 billion |
| AIG loan and nationalization | $85 billion |
| Federal Housing Administration housing rescue bill | $300 billion |
| Mortgage community grants | $4 billion |
| JPMorgan Chase repayments | $87 billion |
| Loans to banks via Fed’s Term Auction Facility | $200 billion+ |
| Loans from Depression-era Exchange Stabilization Fund | $50 billion |
| Purchases of mortgage securities by Fannie Mae and Freddie Mac | $144 billion |
| POSSIBLE TOTAL | $1.8 trillion+ |
| NUMBER OF HOUSEHOLDS PER U.S. CENSUS | 105,480,101 |
| POSSIBLE COST PER HOUSEHOLD | $17,064+ |
You can read the full article here.
Goodnight, America. Sleep tight.
