History of U.S. Gov’t Bailouts, Updated
On Friday, we posted a graphic putting the flurry of recent government bailouts in perspective. Since then, of course, the Bush administration has proposed the biggest bailout in U.S. history—a bailout larger than all the prior bailouts combined.
Together with the total of $315 billion the government put forward earlier this year to engineer the bailouts of Bear Stearns, AIG and Freddie Mac and Fannie Mae, the administration’s new plan brings the potential price tag of the current subprime crisis up to $1.015 trillion. The total for all U.S. government bailouts predating this year, by comparison, is $347.5 billion.
After the jump is our updated chart—and graphic—showing the history of U.S. government bailouts, calculated in 2008 dollars.
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1 comments
Angellight
Sept. 22, 2008, 5:06 p.m.
“In 2007, Wall Street’s five biggest firms—Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley - paid a record $39 billion in bonuses to themselves.” ABC’s Political Punch— I say no Bail Out!
AND
Sen. John McCain’s campaign manager, Rick Davis, was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations!
http://www.nytimes.com/2008/09/22/us/politics/22mccain.html?ref=politics
More McCain Hypocrisy! - And for those who think we will not have another Bush/Cheney Whitehouse if McCain gets elected, please be advised that McCain has 10 former Bush strategists and operatives working and advising him now. They are: Steve Schmitt, Tucker Eskew, Tracey Schmitt, Nicole Wallace, Mark Wallace, Stephen E. Biegun, W. Taylor Griffin, Matthew Scully, Greg Jenkins and Matt McDonald, which spells McCain-Bush all over again!
McCain who has been Chairman of the Commerce Committee for years says he knows very little about the economy, the one truth he has been honest about, because it has always been about Corporations first, only and last! It is our turn now and no more corporate bail outs who are in fear of losing their luxurious way of life on the back of the American people.
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