Bailout tally: $3.8 trillion and counting.
By on Nov 17th, 2008 at 11:57 am
Bailout tally: $3.8 trillion and counting.
CNBC is keeping tabs on the amount that the federal government has been forced to spend to bail out corporate America. The total? “Three-point eight trillion dollars. That’s $3,800,000.000.000. More than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources.” Check out CNBC’s line-by-line breakdown of where the taxpayer funds are going.
View Most Popular
Advertisement
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Topic CloudView topics sorted by popularity
Afghanistan
Bachmann
Beck
Boehner
Bush
Cheney
Civil Rights
Congress
Corporate Ethics
Dobbs
Economy
Education
Election
Energy
Environment
Ethics
Fox News
Gingrich
Global Warming
Health Care
Immigration
International Relations
Iraq
Justice
LGBT
Lieberman
Limbaugh
Maddow
McCain
Media
Military
Obama
Palin
Pelosi
Public Plan
Race
Radical Right
Religion
Sports
Steele
Steve King
Stimulus
Tea Parties
Technology
Women's Rights
Visit Our Affiliated Sites
Reports
In-depth studies on select topics
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
ArchivesBlog Roll
Bailout tally: $3.8 trillion and counting.»
– - So far, BushCo is handling the bailout like Iraq and Katrina. Incompetence and secrecy abound. Bush is cementing his legacy as George W. Hoover with a dash of Gen. George McClellan.
November 17th, 2008 at 12:04 pmFiscal Republicans ??
¶ AIO
November 17th, 2008 at 12:04 pmWho will bail out America when we go broke ??
¶ AIO
November 17th, 2008 at 12:07 pmFuther Chucker! That’s some serious Bush Corporafornication.
November 17th, 2008 at 12:08 pmTrillions in bail out money to corporations who pay no income tax. Nice. The entire Bush Administration has been Robin Hood in reverse.
November 17th, 2008 at 12:09 pmWhy is it that the Republicans have no problems bailing out financial corporations but have a problem bailing out the auto industry. They say they don’t want to bail out the auto industry because bad management has caused their problems. They don’t get it that the same can be said about the financial industry. The difference is that most Republicans have personal a financial stake in the financial industry, but not in the auto industry. Being a Republican means it’s all about “me” and not about “us”.
November 17th, 2008 at 12:12 pmalphainfinityomega Says:
Who will bail out America when we go broke ??
November 17th, 2008 at 12:07 pm
________
No worries – China’s got deep pockets.
November 17th, 2008 at 12:12 pmRepeat the Republican Mantra:
It’s all Obama’s fault….
November 17th, 2008 at 12:14 pm3.8 Trillion is not what the federal government has been forced to spend, it’s what current and future taxpayers are being forced to spend.
I reckon 1 Trillion didn’t need to be spent at all–the Paulson bailout package has predictably neither freed up credit nor stabilized economic fundamentals, because the same people who created this mess, the Republicans, free-marketers and banksters are still in charge and using the money for their own ends.
Foreclosures and unemployment are still rising and the stock market is still fluctuating due to speculation.
November 17th, 2008 at 12:14 pmThe costs unaccounted for are the loss of social services ,education and thwarted dreams of the average American ! May I suggest ,in the light of our economic collapse that the recipients of Bushes tax cuts are un American , whose only loyalty is to themselves and the dollar !
November 17th, 2008 at 12:25 pmDoes anyone Know if this figure includes the interest on the money ,all of which is borrowed, to reward corporate America for it’s unregulated greed ?
>Who will bail out America when we go broke ??
China will buy us.
November 17th, 2008 at 12:26 pmHeckuva job, Dubya, heckuva job.
November 17th, 2008 at 12:26 pmDidn’t Henry Paulson have conflict of interest since Goldman Sachs gave him $700 million?
November 17th, 2008 at 12:27 pmMy Lord… what have those greedy SOBs done to the rest of us?
Is it time to start stringing bankers up by their b*lls?
November 17th, 2008 at 12:28 pmUnfettered Capitalism…ain’t it grand?
November 17th, 2008 at 12:29 pmUS taxpayers supposed to get 5% on loans. British taxpayers to get 12%. Source is Naomi Klein speaking now on Democracy Now.
November 17th, 2008 at 12:30 pmUSA going broke? that implies not being able to pay US backed debt..if that ever happens, you’ll see anarchy and a total collapse of western civilization. We all can sit here and score points on the repugs, but massive spending by the Obama adminastration will be needed and if fiscal responsibility becomes “in fashion”, we are all in a whole lot of trouble.
November 17th, 2008 at 12:31 pmPeople are not truly free unless there are restraints, in the form of laws, on those who would do harm.
Markets are not truly free unless there are restraints, in the form of regulations, on those who would do harm.
November 17th, 2008 at 12:31 pmThere are still lots of people in America who have a shit load of money! I propose we initiate an immediate emergency Wealth Tax to help off set the deficit.
November 17th, 2008 at 12:31 pmBut there’s more. The CNBC list doesn’t include:
1. The projected $140 billion in merged bank tax cuts
2. Interest the fed is now paying on excess fed funds
3. Impact of lowered feds fund rate
It totals well over $4 trillion with these goodies.
November 17th, 2008 at 12:32 pmClass warfare !
November 17th, 2008 at 12:36 pmWhere is the justice in putting this debt for the wealthy’s sins on the backs of the poor ? At the turn of the last century Americans were struggling for livable wage ,a 5 day work week and an 8 hour day !
Time to put the wealthy and powerful on notice ! Your days are numbered , the human species has no room for your arrogance !
Hasn’t it been just great having that beer and BBQ with Bush, lo these last 8 years ?
¶ AIO
November 17th, 2008 at 12:37 pmIf you previously doubted how clueless rr is, this should settle the matter once and for all.
November 17th, 2008 at 12:41 pmLungman424,
Of course Republicans will shift to immediate and draconian belt tightening. That will extend the misery, maybe even drive a deeper recession.
They know unhappy people vote the party in power out. The game of politics has the potential to cause much misery, just for the sake of a “win”.
A pox on all their red houses and any azure Chupacabras (Blue Dogs) that join them.
November 17th, 2008 at 12:48 pmWho is dooH Nibor for a thousand Alex.
November 17th, 2008 at 12:50 pmJust when we think you couldn’t show yourself to be any more monumentally stupid than you already have…you go and one up yourself.
Remind me exactly, RR, how much have American taxpayers spent on ‘reconstruction’ in Iraq? Hundreds of billions.
How much of a surplus does the Iraqi ‘government’ currently possess? Last I checked it was $79B.
How much money has the Iraqi ‘government’ spend on its own reconstruction to date? Last I checked it was $0B.
How much will the Iraq war have costed the American taxpayer when all is said and done? Nearly as much as this bailout.
November 17th, 2008 at 12:51 pmFred Says:
——————————————————————————–
alphainfinityomega Says:
Who will bail out America when we go broke ??
RaptureReady Says:
Iraq.
If you previously doubted how clueless rr is, this should settle the matter once and for all.
If almost anyone else had said this, I would have thought it was sarcasm.
November 17th, 2008 at 12:58 pmBilbo Hussein Baggins Says:
Nice. The entire Bush Administration has been Robin Hood in reverse.
__________
Robbin’ tha Hood…
November 17th, 2008 at 1:00 pmBetter read up on how to survive off the land.
November 17th, 2008 at 1:00 pmEat grub worms, tree bark and all that.
Buy some ammo for the huntin’ rifle cause I will be poachin’ me some deer to feed the youngsters.
Keith, you must be young. I can remember the older folks who lived through the 29+ depression talking about the wooded areas where we live…..and it is rural and in those days sparsley populated, being hunted out.
Entire species of animals had to be re-introduced in the years after the depression because they had hunted them out of existance……..
Our area is much more populated now so it won’t take long before we are eating sourcrout sandwiches. Meat, unless you like crow will not be on the menu.
November 17th, 2008 at 1:06 pmRupture Reddy, you really could get a clue. Our Iraqi ‘friends’ hate our guts. How would you feel if the Argentinians invaded us to save us from president Obama?
November 17th, 2008 at 1:07 pmYou’d really be OK with that, wouldn’t you? And a five year occupation to prevent Xian fanatics like yourself from blowing themselves up to protest the secular government?
RR still thinks the Iraq War and reconstruction paid for itself. That is what his authoritarian idols told him would happen. So, in his deluded mind, it did.
Bulk of Iraq Reconstruction Monies ‘Will Come From Iraqis,’ Rumsfeld Says
WASHINGTON, Oct. 2, 2003 – The American taxpayer will not have to foot the entire bill for rebuilding post-Saddam Iraq, Defense Secretary Donald H. Rumsfeld said here today.
The $20 billion for Iraqi security and reconstruction contained within President Bush’s $87 billion supplemental budget proposal for fiscal 2004 now before Congress “is not intended to cover all of Iraq’s needs,” Rumsfeld noted to reporters at a Pentagon press conference.
“The bulk of the funds for Iraq’s reconstruction will come from Iraqis,” explained Rumsfeld, who was accompanied at the briefing by Air Force Gen. Richard B. Myers, chairman of the Joint Chiefs of Staff.
Iraqis will pay for the rebuilding of their country, the defense secretary noted, through oil revenues, recovered assets, international trade, direct foreign investments and contributions from the international community.
November 17th, 2008 at 1:11 pm48 Fred. I grew up around people that lived through and never recovered mentally/emotionally from the depression. It affected their lives till they died of old age.
November 17th, 2008 at 1:15 pmI didn’t however, hear stories of the deer population being hunted out in (what was then) our area. Wouldn’t surprise me though. Stands to reason, really.
November 17th, 2008 at 1:17 pmChocolate Jesus Says:
>Who will bail out America when we go broke ??
China will buy us.
They don’t need to buy us, they already own us. Practically the entire amount spent on the Iraq debacle has been borrowed from China. If China called in all it’s debts tomorrow, it would be over for this country. Fortunately they need us to keep buying their cheap goods, so they won’t do that now. But who knows what they will do down the road.
November 17th, 2008 at 1:20 pmMe to Keith, my grandparents would be aghast of the waste inherent in daily life in America today.
They kept a garden, chickens and cattle well past time when it was a necessity……they were afraid of not having enough to eat……do Americans really understand that? I don’t think so.
November 17th, 2008 at 1:24 pmThe Bush Administration will lie and steal until the end. Look Americans aren’t yelling or stopping this their setting back waiting until Jan 20th. It is funny how the demand is for Obama to help Americans while Bush is free to continue to steal. Even Republicans are saying Obama isn’t doing anything to help the American people while the Media does little to say about how the Bush Administration is openly stealing as much as they can. Ameericans voted for a President and we have the power to kick Bush out now but wont do it.
November 17th, 2008 at 1:33 pmToday’s DEMOCRACYNOW has an excellent report on the bailing out of the banks. It is CRIMINAL, and nobody, including the Democrats are not doing anything about it!
November 17th, 2008 at 1:36 pmWow. That’s a stunning amount. And how much has been skimmed off the top by Bush-Cheney cronies?
November 17th, 2008 at 1:46 pmCNBC updated their total. It’s now $4.284 trillion.
November 17th, 2008 at 2:19 pmI know what your sayin’ Fred.
November 17th, 2008 at 2:21 pmA good example of what one of my people did was:
There was a full height freezer absolutely full of freshly frozen beef and pork. Someone didn’t know it was full of meat and unplugged it. It went for a number of days in the middle of summer in an old out-building without anyone knowing it had been unplugged. As you can imagine the meat had thawed and was rotten enough that it had began to really smell. My family member could not waste any of the meat even in it’s basically rotten state. So, they did what they knew how to do, which was soak the meat in some kind of vinegar solution and re-freeze it.
…but we can’t afford Social Security and Universal Healthcare?
Damn, if only my health was traded on the Stock Exchange.
November 17th, 2008 at 2:35 pmJackie,
It’s too bad impeachment is still off the table. For that alone the Democratic leadership should be impeached as well. Add to that their zeal in shoveling our money to any Fortune 500 company in need and they should be tried for treason.
Damn this two party system to hell. This is why I voted for Cynthia McKinney for president. I want to see real change.
November 17th, 2008 at 2:38 pmstateofthedivision Says:
“CNBC updated their total. It’s now $4.284 trillion.”
if my math is correct, that’s about $14,000 for every man, woman and child in the good ol’ USofA.
i think i’m going to be sick.
November 17th, 2008 at 3:24 pmAnd the market is still sinking.
November 17th, 2008 at 3:36 pmI hate it when they call this crap “Incompetence”. It is blatant, outright, in your face THIEVERY!!!!!!! The biggest heist in history is taking place right now. Right in front of our eyes. Don’t like it? Tough Shit! Whatcha gonna do about it?!
November 17th, 2008 at 3:57 pmYes LividLib, the big money boy, never ending bailout is truly sickening. And all they can scream for is:
1. corporate tax and capital gains cuts
2. lowered employee wages and benefits
When was the last time a government entity gave a firm $10 billion and the beneficiary turned around and cut 50,000 jobs? We used to have economic development programs, now it’s straight up corporate welfare.
The State of Texas gave Vought Aircraft Industries $35 million to cut 600 jobs. Vought is an affiliate of The Carlyle Group. They owe folks in Dallas 3,000 jobs by 2009.
I bet they go the way of CitiGroup before fulfilling their contractual obligation.
November 17th, 2008 at 4:12 pmWhile I oppose the bailout big time (see this photo, for example), I think that Think Progress is doing its readers a disservice by lumping all the programs into one and pretending that the money is being spent.
There are several programs, including the much-maligned $700 billion bailout, which could cost the taxpayers $200-300 billion if managed poorly. The Bear Stearns guarantees are up to $30 billion, but will likely cost the Treasury much less than a third of that. The other programs, primarily the Fed loans and government backing of Fannie & Freddie, are loan guarantees that represent the entire value of the portfolios, and are certainly not a realistic estimate of likely costs to the government.
This sort of glib misrepresentation only helps to muddle any opposition to the bailout programs by making it far to easy for the financial services lobby to point at these off-hand lies as evidence that the those opposing the bailout don’t understand the complexity.
Many of us do, and judging by the your articles, most of us understand it better than the editors here. Please spend some time listening to Planet Money and working to understand the entire complexity before making your next “the sky has fallen” post. If you do, we will all be better served.
November 17th, 2008 at 4:46 pmfname, you’re describing the kind of accounting that exists in the private sector. It’s notably absent in the public arena, especially our federal government.
The annual $3 trillion budget is not broken down between operating and capital expenses. Other oddities, the Pentagon lost $1.5 billion worth of assets in an inventory. Our BLM couldn’t find a way to include royalty payment requirements on oil leases.
Until those Financial Rescue Program (FRP) assets are sold and money returned to the Treasury or Fed, I’m counting them as our expense. I’m happy to give the feds credit when they flip the junk, sell the preferred shares or those distressed institutions make good on their debt (by actually paying it back).
November 17th, 2008 at 5:25 pm