Deroy Murdock: The United States of Bailouts on National Review Online



The United States of Bailouts
		Total Commitments	Outlays To Date
Agency	Program	($ Billions)	($ Billions)
Federal Reserve	Commercial Paper Funding Facility	1,800.00	271.00
	Term Auction Facility	900.00	415.00
	Encourage credit cards and car/student loans	800.00	—
	Commercial Paper I — Loans to banks to buy commercial paper from mutual funds	606.00	606.00
	Money-Market Investor Funding Facility	540.00	—
	Citigroup bailout	291.00	291.00
	Term Securities Lending	250.00	190.00
	AIG nationalization	123.00	87.00
	Discount Window I — Commercial-bank loans	92.00	92.00
	Commercial Paper Program — II	62.00	62.00
	Discount Window II — Banks/finance firms	50.00	50.00
	Bear Stearns bailout/sale to J.P. Morgan Chase	29.00	27.00
	Overnight loans	10.00	10.00
	Secondary credit	0.118	0.12
	Subtotal	5,553.118	2,101.12

FDIC	Loan guarantees	1,400.00	—
	GE Capital bailout	139.00	139.00
	Citigroup bailout	10.00	10.00
	Subtotal	1,549.00	149.00

Treasury	Troubled Asset Relief Program (TARP)	700.00	350.00
	Stimulus Package for taxpayers — Spring 2008	168.00	168.00
	Treasury Exchange Stabilization Fund	50.00	50.00
	Tax "sweeteners" for banks	29.00	29.00
	Subtotal	947.00	597.00

FHA	Mortage guarantees for distressed homeowners	300.00	300.00

GRAND TOTAL		$8,349.12	$3,147.12

Compiled by Deroy Murdock, Contributing Editor, National Review Online, December 7, 2008

Source: Brenna Maloney and Todd Lindeman, “Parsing the Bailout,” Washington Post, November 25, 2008

Note: As Club for Growth president Pat Toomey observed, these Washington Post figures do not reflect the nationalization of Fannie Mae and Freddie Mac, as the Post acknowledged to me by phone. Adding those funds boosts outlays by $200 billion to $3.347 trillion and commitments by $5 trillion to $13.349 trillion.