Bank bailout: $12.8 trillion and counting

Bloomberg reports:

The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year…

The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008…

$42,000 per man, woman and child. Wow. Just a few months ago, I was shocked to declare “Bank bailout potential cost: $10,000 per American!” In fairness, “only” $4.2 trillion has actually been spent so far. But that number will — with 100% certainty — rise dramatically.

History’s most massive robbery.

The combined commitment has increased by 73 percent since November, when Bloomberg first estimated the funding, loans and guarantees at $7.4 trillion.

After the Bush Administration, I foolishly thought things couldn’t get worse.

Posted by James on Sunday, April 12, 2009