Feeds: Email, RSS & Twitter

Get Our Videos By Email


8,300 Unique Visitors In The Past Day


Powered by Squarespace


Search The Archive Of 15,000 Videos




Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"

Get Our Videos By Email


Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
« The President Admits The Obvious: The United States Is Flat Broke | Main | Smoking Some Green Shoots: 54 Seconds With Dr. Nouriel Roubini »

Bailout By The Numbers: Total Fed Committments Now Total $13.9 Trillion...All Of Which Must Be Borrowed

Now that we have allocated a potential $13.9 trillion for the solution (roughly 7 years of total federal tax receipts OR 100% of GDP---you choose the metric that makes you the least angry), it's nice to hear that the problem is solved, that the banking and credit crisis has run its course.

Excuse my language, but that's $13.9 trillion FUCKING dollars.  That's a hell of a special committment given that we are flat broke and every single, solitary buck must be borrowed.

Oh, and by the way, the banking and credit crisis has a long, long way to run, still.  We are very likely talking about a lost decade for the United States as our short-term focused political structure has done everything possible to re-inflate the bubble thus perversely guaranteeing that the deleveraging will last a really, really long time. 

So long in fact that our Teflon, two-party political structure could finally be brought down by the rise of a people's candidate to rival Thomas Jefferson and Andrew Jackson.  The anger will grow with every lost year and both parties will suffer substantially.


Full report PDF from the FDIC.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (7)

Mish has a pretty savage response to this today:

"I have a request for Geithner and Bernanke: Tell the truth or shut up.

Both Geithner and Bernanke maintain that banks are well capitalized. Indeed many banks are returning TARP funds. However, if banks are well capitalized then why not cancel the remaining $7 Trillion of this taxpayer ripoff right now? Pray tell, what's the need to go ahead with the PPIP?

Ben and Tim, please stop saying that taxpayers will not lose money on these schemes. You know, I know and the whole world knows that is a preposterous lie. Please come out and say you really do not give a damn about taxpayers because we all know that you don't. This is a taxpayer sponsored bank bailout, no more no less."

Jun 17, 2009 at 12:35 AM | Unregistered CommenterJames H
Nice job by Barry Ritholtz on TechTicker, today.

Money quote (re receivership for Citi): "If it's still Summers and Geithner vs. everybody else -- people that know what they're doing and are intelligent -- then Citigroup is going to be kept on life support forever. But when the adults step in and say 'Sorry, you're insolvent, you gotta go,' then Citigroup is going to be the first to fall, and who knows who else is right behind them."

I don't know about you guys, but I think BR just called Summers and Geithner a couple of stupid kids who don't know what the hell they're doing. (He also thinks TARP was just a ruse to secretly prop up Citi.)

Jun 17, 2009 at 12:53 AM | Unregistered CommenterJames H
Hard to not confuse the obvious with reality......it's really obvious the taxpayer is gettin' SCREWED. OK...back to the daily beating. Morale is set to improve...eventually.
Jun 17, 2009 at 10:15 AM | Unregistered CommenterAin't Bullshittin'
Removed by DB for "being an extremely uncool post in our great community." I have zero tolerance for racism.
Jun 17, 2009 at 6:12 PM | Unregistered CommenterMike
Jun 17, 2009 at 6:38 PM | Registered CommenterDailyBail

It's on my long list for new posts. Never ends.
Jun 17, 2009 at 10:56 PM | Registered CommenterDailyBail
Still, the problem of not enough jobs or jobs which real pay is getting bigger each day. What does this elite think it is doing? Why is the US population watching? Where is the protest?

We read in the news that after 13.9 trillion we have to be happy that the banks/institution may pay back 70 billion?

We aren't to bright, aren't we?
Jun 17, 2009 at 11:53 PM | Unregistered CommenterHolocaust Gaza

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
All HTML will be escaped. Hyperlinks will be created for URLs automatically.