Although the cost of the Wall Street bailout is usually said to be around $700 billion, the real cost of economic recovery is at least 20 times larger according to a recent breakdown of ALL of the government recovery programs by Mother Jones Magazine.
The $700 billion bailout that people usually allude to is only the cost of the TARP program that was passed about a year ago and even then, the bill that contained the $700 billion for TARP cost $850 billion because of all of the earmarks inside the bill.
Here’s a look at other programs that will ultimately result in $14 trillion in bailouts for Wall Street:
The Money Market Mutual Fund which began in September of 2008 is a program in which the government would “insure the holdings of publicly offered money market mutual funds” and will cost up to $3 trillion.
The Public-Private Investment Fund is a government program that buys up to $5 billion worth of bad assets from big corporations. Ultimately, this is projected to cost anywhere between $500 billion and $1 trillion.
The Fannie Mae and Freddie Mac stock that the government bought alone cost the taxpayer $400 million. The mortgage backed securities that the government bought from Fannie Mae and Freddie Mac will ultimately cost up to $300 billion.
The asset guarantee that the government made to Citibank will cost us around $300 billion.
Other huge costing programs include the asset guarantee that the government made to Bank of America ($118 billion), HAMP, the Treasury exchange stabilization fund, and several Federal Reserve programs which total as much as $7 trillion making the total bill that the taxpayer has to foot a whopping $14 trillion. And we were worried that the $700 billion bailout was financially irresponsible…