Is anyone else noticing a pattern?
AIG Bailout was originally set at $85 billion, but that wasn't enough, so the government generously added $37.8 billion (of your money), but now that's not going to be enough either. I guess all those spa parties and hunting trips are getting expensive.
The magic $700 billion number for the bailout was picked because "they just wanted a really big number", but it clearly wasn't enough.
While you were struggling to understand how the government could want to spend $700 billion, and despite promises to the contrary, they gave a quick $25 billion to the automakers (ostensibly to help them create more fuel-efficient cars) but guess what? It's not enough, and now they're going to use it for mergers & acquisitions instead.
Today, the Telegraph reports a couple of staggering figures:
- worldwide, the various national bailouts have cost over $7 trillion, so far!
- That number is 12% of the entire global"real" economy.
- The "real" economy is vastly overwhelmed by "the unregulated shadow banking market, where the Bank estimates $14,500bn of "toxic" assets responsible for the financial crisis have proliferated"