Combine all the bailouts so far and we are way over the $1 trillion mark. This does not include Obama’s American Recovery and Reinvestment Plan bailout.
The bailout so far: $7.8 trillion
Michael RaineyAs Peter Cohan noted earlier this week, the size of the corporate bailout in the U.S. is far larger than most reports would lead you to believe. While $700 billion is thrown around as shorthand for the bailout, the real figure is in the trillions. Peter cited a figure of $7.4 trillion, and today’s New York Times goes even further with a total bailout cost estimated at $7.8 trillion.
The Times published a graphic today that helps explain the figure. It’s well worth looking at for a few minutes. It takes a while for numbers this big — and a problem so complex — to sink in. (more…)
