You all know about the $300 billion "Stick it to your Children Act of 2008," but have you done the math for the rest of the bailout (so far)?
From CNBC:
1. Gone (in the past 12 months) from the Fed's balance sheet, $311 b in treasuries, used for such things as auction rate securities to Wall Street banks, bailout of Bear Stearns, etc.
2. Federal Home Loan bank "advances" to members using members' mortgage securities as "collateral," $284 b.
3. Mortgage securities purchased by Fannie/Freddie in the past 12 months, or so, $621 b.
4. Added to FHA (unrelated to the legislation passed this week), $90 b.
Total per CNBC, $1.43 trillion. (I know, my numbers don't add up. If you read the original CNBC article, you will see why my numbers are actually less.
Maybe all of these billions will be repaid. Maybe not. As someone in my office opined, we need to make more children to help pay these future debts off!
Paul
Subscribe to:
Post Comments (Atom)
Posts
2 comments:
we need to make more children to help pay these future debts off!
Whoever said that needs to run for office! (j/k)
Ben of HBB.com simply believes that the amount of debt we have is so insurmountable that it cannot and will not ever be paid back. I think he might be right. What happens as a result of not paying it back, who knows.
"we need to make more children to help pay these future debts off!"
I'm going to take up the noble cause tonight!
Post a Comment