We’ve been calling it the $700B bailout bill but in order to get it passed, legislators added several other perks to the package which inflated the total price tag.
So exactly how much are the American tax payers shelling out?
$850.5 BILLION
Who wins:
- Banks, who get their balance sheets wiped clean.
- Many old guard Wall Street executives, who remain exempt from government scrutiny.
- 700 counties in 39 states who used to depend on federal timber sales to pay for rural services, such as schools (from the AP).
- Mental health patients, who now get health insurance benefits equal to those granted for other medical treatments.
- Disaster-stricken states, who get tax relief.
- Chevy fans, who get a $7,500 tax break for buying the Volt.
- Renewable energy companies, who benefit from tax incentives.
- Certain people with foreclosed homes, who will temporarily be exempt from federal income tax.
- Henry Paulson, Jr., assuming he’s really into power.
[hattip: businesspundit]
UPDATE: Make that $5 TRILLION! (as of November 13th, 2008)
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Oh snap. It’s like they really suck at bartering. Perhaps they need some tips from folks who frequent flea markets or other countries like Indonesia, India, Mexico or practically ANYWHERE… the idea with bartering is to get other stuff thrown in but LOWER the price tag. Sheesh.
Did they at least get tax payers paid back in the agreement?
Bailout typeCost to taxpayers (Source: Reuters)
Financial bailout package approved this weekup to or more than $700 billion
Bear Stearns financing $29 billion
Fannie Mae and Freddie Mac nationalization $200 billion
AIG loan and nationalization $85 billion
Federal Housing Administration housing rescue bill $300 billion
Mortgage community grants $4 billion
JPMorgan Chase repayments $87 billion
Loans to banks via Fed’s Term Auction Facility $200 billion+
Loans from Depression-era Exchange Stabilization Fund $50 billion
Purchases of mortgage securities by Fannie Mae and Freddie Mac $144 billion
POSSIBLE TOTAL $1.8 trillion+
NUMBER OF HOUSEHOLDS PER U.S. CENSUS 105,480,101
POSSIBLE COST PER HOUSEHOLD $17,064+