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Bilifuduo (98.28)

Secret Fed Loans (Part 2)

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December 09, 2011 – Comments (4)

EconoMonitor author L. Randall Wray,  a Professor of Economics at the University of Missouri-Kansas City and Senior Scholar at the Levy Economics Institute of Bard College, NY., has just published an article proclaiming that $29 Trillion (that is, $29,000,000,000,000) is the true extent of funds the Federal Reserve committed to its Wall Street bailout. This figure completely dwarfs Bloomberg News' estimate of $7.7 Trillion, along with pretty much every other estimate out there. 

 

http://www.economonitor.com/lrwray/2011/12/09/bernanke%E2%80%99s-obfuscation-continues-the-fed%E2%80%99s-29-trillion-bail-out-of-wall-street/ 

 

 

4 Comments – Post Your Own

#1) On December 10, 2011 at 12:22 AM, rd80 (98.45) wrote:

This figure completely dwarfs Bloomberg News' estimate of $7.7 Trillion, along with pretty much every other estimate out there.

The figure dwarfs all the others because it's wrong.  Applying the math they used, if I put $3k in a savings account, I'd be a millionaire after a year.

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#2) On December 10, 2011 at 5:42 PM, Varchild2008 (85.35) wrote:

@rd80,

Can you tell me the name of the Bank that offers that kind of savings account?

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#3) On December 11, 2011 at 1:24 AM, memoandstitch (< 20) wrote:

Is he claiming that the Fed bailed out the U.S.'s + China's + Japan's + Germany's + France's worth of GDP? 

United States14,526,550

China, People's Republic of 5,878,257

Japan 5,458,797 

Germany 3,286,451

France 2,562,742

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#4) On December 11, 2011 at 2:11 AM, wolfman225 (68.78) wrote:

Maybe that figure is a "Total Obligation" amount over a period of years?  For example, while the current total U.S. debt ~$17T, some economists have projected that the total of already-promised future obligations (pensions, SS, disability, etc.) to exceed $100T.

If the promised bailout funds contracts are written to cover guarantees in future years, I could easily see how it could be such a high figure.  Initial bailout $ + (addt'l fund$ * xyears)=$$$$$

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