So how much has the Treasury Department and Federal Reserve spent to bail out our economy? Chris Carey at BailoutSleuth says it’s a lot more than $700 billion.
“Adding together the $170 billion that the Treasury Department has currently agreed to provide banks in additional capital, the $150 billion that the Treasury Department and the Federal Reserve are providing to AIG and the $2 trillion that the Federal Reserve has provided banks in emergency loans brings the total assistance to $2.32 trillion. If the estimated savings from the new tax breaks are included, the assistance would climb to $2.46 trillion.
That total does not include other measures not focused directly on banks, such as Treasury Department’s $200 billion in support for Fannie Mae and Freddie Mac, and the Federal Housing Administration’s $300 billion HOPE for Homeowners program.”
Add in another $50 billion for automakers, and that’s how you get to $3 trillion.
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