"Financial Crisis Tab Already In The Trillions and Counting"
Submitted by admin on Mon, 02/16/2009 - 12:46
The article "Financial Crisis Tab Already In The Trillions and Counting" (link) is from Nov. 28, 2008 and thus before the trillion/multi-trillion dollar stimulus plan:
it's a complicated cocktail of budgeted dollars, actual spending, guarantees, loans, swaps and other market mechanisms by the Federal Reserve, the Treasury and other offices of government taken over roughly the last year, based on government data and news releases. Strictly speaking, not every cent is a direct result of what's called the financial crisis, but they're all arguably related to it.See the table at the link.
The bulk of the sum falls under the Federal Reserve's umbrella, while another good chunk ($700 billion) is the under the Troubled Asset Relief Program (TARP) as defined under the Emergency Economic Stabilization Act, signed into law in early October.