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Flashback: Total bailout costs heads toward $5 trillion

Tuesday, November 18, 2008 by Maasanova



Steve Watson
Prison Planet

Note: Treasury Secretary Henry Paulson refused to buy troubled assets after bailout passed

The total potential cost of the financial bailout to the U.S. taxpayer is already rapidly approaching $5 trillion, over seven times as much as the meaningless $700 billion bailout bill figure. Analysts have previously marked out the $5 trillion figure as the actual cost, now those predictions are becoming demonstratively accurate.

Meanwhile, Hank Paulson has defended government intervention, stating "There's no doubt that the way to get the maximum bang for the taxpayers here was to invest in banks."
Based on this Reuters summary and the sources linked within the table, here is a breakdown of the bailout's cost to taxpayers so far.

Cost To Taxpayers

AIG loan and nationalization
$85 billion (+ extra request of $35 billion)

Possible total
$2.56 trillion+

Number of households PER U.S. CENSUS
105,480,101

Possible cost per household
$24,269

In addition, the U.S. government has said it will temporarily guarantee $1.5 trillion (£856 billion) in new senior debt issued by banks, as well as insure $500 billion (£285 billion) in deposits in non-interest accounts, mainly used by businesses.

These figures take the potential cost to $4.559 trillion+ - or $43, 221 per household.
Furthermore, when you account for the fact that the credit default swap market is around $62 trillion, and that derivatives worldwide are worth between between $1 and $2 quadrillion, the numbers start to become meaningless.




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