While Congress is debating and attempting a patchwork auto bailout package, I thought I’d take a moment to remind everyone at the bang up job they did with oversight of the previous bailout bill. Here’s an update to consider when your Congressman comes asking you to open your wallet for another $25 Billion plus. This would be funny if it weren’t true. Don’t you wish you could run my household finances like this?
|
Government Entity |
Sum in Billions of Dollars |
|
Federal Reserve Programs |
|
|
Commercial Paper Program |
1,800 |
|
Finance Company Debt Purchases (Fannie Mae/Freddie Mac) |
950 |
|
Term Auction Facility (TAF) |
900 |
|
Swap Lines |
613 |
|
Other Assets |
606 |
|
Money Market Investor Funding Facility (MMIFF) |
540 |
|
Guarantee of non-interest accounts |
500 |
|
Term Securities Lending Facility (TSLF) |
425 |
|
Citigroup Bailout |
326 |
|
Commercial Paper Funding Facility |
257 |
|
Term Asset-Back Loan Facility |
200 |
|
AIG Bailout |
123 |
|
Secondary Credit |
118 |
|
Discount Window Lending (Commercial Banks) |
99 |
|
Loans for Purchase of Asset-Backed Commercial Paper (ABCP) |
76.5 |
|
Commercial Paper Program 2 |
62 |
|
Discount Window Lending (Investment Banks) |
57 |
|
Bear Sterns Bailout |
29.5 |
|
Overnight Loans |
10 |
|
|
|
|
Federal Reserve Total |
7,692 |
|
|
|
|
FDIC Programs |
|
|
Guarantee of New Senior Debt issued by banks |
1,500 |
|
Guarantee to GE Capital |
139 |
|
Citigroup Bailout |
10 |
|
|
|
|
FDIC Total |
1,649 |
|
|
|
|
Treasury Dept. Programs |
|
|
(TARP) Treasury Asset Relief Program |
892 |
|
Stimulus Package |
168 |
|
Treasury Exchange Stabilization Fund |
50 |
|
Tax Breaks for Banks |
29 |
|
|
|
|
Treasury Dept. Total |
1,139 |
|
|
|
|
Other: |
|
|
(FHA) Federal Housing Administration – Hope for Homeowners |
300 |
|
Automakers Loan (#1) |
25 |
|
FHA Mortgage Community Grants |
4 |
|
|
|
|
Other Total |
329 |
|
|
|
|
U.S. Government Total |
10,809 |
|
|
|
|
Cost per Person (305.7 Million) |
$ 35,358 |
|
Cost per Household (105.4 Million) |
$ 102,474 |
|
Note: Figures as of Nov. 26, 2008 *based on compiled figures from CNBC, Reuters & Bloomberg |
|
Nov. 25, 2008 |
|
Cost per Person $26,188 |
|
Cost per Household $75,955 |
|
Nov. 13, 2008 |
|
Cost per Person $20,734.05 |
|
Cost per Household $60,090.95 |
And this is just the intrinsic cost SO FAR. Like I told you earlier, I’ll write Dodd my check for 20,000 right now… I’ll just make it a bad loan and get bailed out myself.