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Listing the bailouts, stimulus, and other wasteful spending
I’ve had difficulty keeping track of our government’s out of control spending over the past few years. And if it seems like it’s gotten worse in the past 18 months, that’s because it has. In an attempt to make it easier to see just how bad things have gotten, I’ve taken figures compiled by separate sources and listed them all together, sorted by approximate date. I’ve also linked news stories for each separate item.
As you can see, it’s no wonder we taxpayers are having trouble keeping track of it all. Between the extravagant “stimulus” plan and the numerous bailouts to which American taxpayers have been subjected, the total amount recently squandered by our government has now reached $9 TRILLION DOLLARS!
2008
$29 billion — Bear Stearns bailout
Mar. 2008 – The Federal Reserve bought distressed assets from Bear Stearns to facilitate its sale to JPMorgan Chase.
Mar. 2008 – These loans from the Federal Reserve’s discount window used to be confined to commercial banks and were only overnight. Now, terms have been extended, in some cases up to 90 days, and investment banks have access to them. The total amount on loan has significantly expanded.
$200 billion — Debt swaps (Term Securities Lending Facility)
Mar. 2008 – The Federal Reserve is lending liquid United States Treasuries for 28 days in exchange for less liquid agency debt, debt backed by mortgage-backed securities and investment-grade corporate debt.
$400 billion — Fannie Mae/Freddie Mac Bailout
Sept. 2008 – The companies were put into conservatorship and the Treasury initally pledged up to $200 billion to cover their losses. Freddie Mac has now received a $14 billion infusion.
$25 billion — Auto Industry bailout
Sept. 2008 – These low-interest loans are intended to aid the industry in its push to build more fuel-efficient, environmentally-friendly vehicles. The Detroit 3 — General Motors, Ford and Chrysler — will be the primary beneficiaries.
$700 billion — Troubled Asset Relief Program (TARP)
Oct. 2008 – Also known as The Emergency Economic Stabilization Act of 2008. In return for bailout cash, the Treasury now owns stock in hundreds of banks, General Motors, Chrysler and the insurer A.I.G. Two of the largest recipients are Bank of America ($45 billion) and Citigroup ($45 billion cash and $5 billion in support of a loan guarantee). View a timeline of the bailouts.
$900 billion — Term auction facility
Oct. 2008 – The Federal Reserve is making these low-interest loans of either 28 or 84 days to financial institutions, allowing them to pledge a variety of collateral, including asset-backed securities.
$60 billion — A.I.G. bailout #2
Oct. 2008 – A line of credit offered by the Federal Reserve that the insurance company has partly tapped. The Treasury announced on March 2 that the line of credit will be reduced to about $25 billion. And instead of paying back the outstanding debt, A.I.G. will give the government a preferred stake in two of its international subsidiaries.
$9 billion — Morgan Stanley bailout
Oct. 2008 – The Treasury guaranteed a capital infusion by a Japanese bank.
$684 billion — Temporary Liquidity Guarantee Program
Nov. 2008 – The F.D.I.C. is insuring these accounts, which are mainly used by businesses to run day-to-day operations.
$600 billion — Money market funds
Oct. 2008 – The Treasury originally guaranteed these accounts up to $50 billion, but the program has been extended by the Federal Reserve, which has, in a few cases, had to step in and buy some illiquid assets of some funds to help them meet their obligations.
$249 billion — Citigroup bailout #2
Nov. 2008 – The government is backing the bulk of $306 billion in loans and securities. This amount does not include direct investment through the TARP program.
$600 billion — Federal Home Loan Bank securities
Nov. 2008 – The Treasury and the Federal Reserve have begun buying debt and mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.
$17.4 billion — Chrysler/GM bailout #2
Dec. 2008 – Chrysler, General Motors and the Treasury Department have agreed upon terms for a bailout package to rescue the drowning automakers. The package consists of $13.4 billion in emergency loans; another $4 billion will be made available if needed.
2009
$128 billion — Bank of America bailout #2
Jan. 2009 – The government agreed to supply Bank of America with a fresh $20 billion capital injection and absorb “toxic” loans and securities worth $98 billion.
$700 billion — Bank debt (Temporary Liquidity Guarantee Program)
Jan. 2009 – The Federal Deposit Insurance Corporation has begun insuring senior subordinated debt issued by banks and poorly performing assets owned by banks, Fannie Mae and Freddie Mac. The program is now slated to run through June 2009.
$787 billion — U.S. Stimulus Package
Feb. 2009 – Also known as The American Recovery and Reinvestment Act. About $267 billion is devoted to tax relief. The so-called discretionary spending portion of the bill amounts to $308 billion, according to the Congressional Budget Office. Of that money, $48 billion goes to the Department of Transportation for various rail and road projects to repair and expand infrastructure. That leaves about $260 billion of discretionary spending (read: pork) that goes to various federal agencies, as well as to state and local governments.
$53 billion — A.I.G. bailout #3
Feb. 2009 – The Federal Reserve has provided seed money to create investment vehicles to buy, hold and possibly dispose of bad securities held or insured by A.I.G.
$1 trillion — Term Asset-Backed Securities Loan Facility (TALF)
Mar. 2009 – This program, launched on March 3, will provide loans and accept securities backed by consumer and small-business loans as collateral. Note: $100 billion of the total amount committed comes from the Troubled Asset Relief Program.
$410 billion — Omnibus Spending Bill
In Progress – Despite President Obama’s promise to reform the earmark process, the newest spending bill is laden with over 9,000 surreptitious pet projects, totalling $7.7 billion dollars.
$800 billion — Obama’s Stimulus II: Son of Stimulus
In Progress – This one is still currently in the works, but the figure being floated just boggles the mind, especially in light of all the reckless spending that’s preceded it.
$1 trillion — Obama’s plan for socialized medicine
In Progress - President Obama’s budget calls for a 10-year, $634 billion “down payment” to create a new health care entitlement program for approximately 48 million uninsured Americans. Not surprisingly, the Communist Party USA loves this.
If all this sickens you as much as it does me, join the growing number of taxpayers who will take a stand at the next round of Tea Party protests on April 15th to say “NO MORE!”
Sources: Treasury; Federal Reserve; Federal Deposit Insurance Corporation (h/t: leahita)
Posted by FullMetalPatriot
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
[...] more earmarks,” they might do well to look back at Comrade Soetoro’s similar claims about no earmarks in Porkulus #1 and the $1.1 Trillion-dollar Omnibus Spending Bill. This idea came from a bill written by a Texas Republican and a Massachusetts Democrat. The idea [...]