BAILOUT 5800B IN 2008

[clarence swinney]

BAILOUT-8500 Billion---
Kathleen Pender San Francisco Chronicle
11-26-2008—Bailout hits 8500 Billion
Most of the money is going into loans or loan guarantees, asset purchases or stock investments on which the government could see some return.
President Obama has been blamed for most of this. Incorrect.
These are 2008 actions:
March 11—Fed put up (200B) in loans to banks and investment houses and let them put up “risky” mortgage-backed securities as collateral.
March 16—Fed gave JP Morgan Chase a (29B) loan as part of it's purchase of Bear Stearns.
July 30-President Bush signs Housing Bill for (300B) in new loan authority to back cheaper mortgages for troubled homeowners.
Sept 7—Treasury takeover troubled Fannie and Freddie. Placed into conservator ship and pledging (200B) to back their assets.
Sept 16—Fed injects (85B) into AIG.
Sept. 16—Fed pumps (70B) into the nation's financial system to help ease credit stresses.
Sept 19—Treasury guarantees money market funds against losses of up to (50B)
Oct 3------President Bush signs (700B) Bailout. Sec. Treasury Paulson says the money will be used
to buy distressed mortgage-related securities from banks. ???
Oct 6-----Fed increases short- term loan program boosting short-term lending to banks by (150B)
Oct 8-----Fed lends AIG (37.8B) bringing their total to (123B)
Oct 14----Treasury says it will use (250B) of the (700B) to inject capital into the banks with (125B) provided to nine of the largest banks.
Oct 14----FDIC temporarily guarantees a total of (1400B) in loans between banks
Oct 21----Fed provides up to (540B) in financing to provide liquidity to money market mutual funds
Nov 10----Treasury and Fed replace the two loans provided to AIG with a (150B) aid package that includes an infusion of (40B) from the Bailout Fund.
Nov 12-----Treasury says it will not buy distressed mortgage-related assets as previously announced instead will concentrate on injecting capital into banks
Nov 17----Treasury will provide (33.6B) into capital to another 21 banks. So far this is (158.6B) in 30 banks.
Sunday----Treasury will invest (20B) in Citigroup on top of (25B) provided on Oct 14.
The Treasury, Fed and FDIC pledge to backstop large losses Citigroup might absorb on (300B) in real estate-related assets
Tuesday----Fed will purchase up to (600B) more in mortgage-related assets and will lend up to (200B) to the holders of securities backed by various types of consumer loans.

Email Kathleen Pender at [e-mail]
sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11./2

olduglymeanhonest
too xxxx disgusted to comment
9-1-10 bailout up to 15,000B join me in crying.

[DemReadingDU]

1. Do you have a link?

Is the bailout 8500B or 5800B?

[progressoid]

2. Can't really pin a lot of this on Republicans either.

Considering the overwhelming support from our side.