Bloomberg is reporting U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit.
The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.
“It’s unprecedented,” said Bob Eisenbeis, chief monetary economist at Vineland, New Jersey-based Cumberland Advisors Inc. and an economist for the Atlanta Fed for 10 years until January. “The backlash has begun already. Congress is taking a lot of hits from their constituents because they got snookered on the TARP big time. There’s a lot of supposedly smart people who look to be totally incompetent and it’s all going to fall on the taxpayer.”
Follow the $7.4 Trillion. Here is a Breakdown of the Bailout Rescue Efforts. Click on any chart for sharper image.Note: the tables below do not reflect another $300 billion for Citigroup.
The Fed Part 1
The Fed Part 2
Mike “Mish” Shedlock
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