It’s still amazing that that lousy $700 billion bailout last fall seemed like a big deal.
Bloomberg: The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 per cent of the nation’s home mortgages.
So far, the bailout includes:
- $3 trillion of loans or spending from the Fed, Treasury, and FDIC.
- $5.7 trillion more pledged from Fed, Treasury, and FDIC.
- $800 billion stimulus package
Only about $1.7 trillion of this has been or will be voted on (TARP, Stimulus, and tax cuts/rebates).
The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.