Burning Through Billions
I thought it was expensive in Vancouver…
So far this week the US fed has committed:
AIG= $85 billion
Fannie Mae and Freddie Mac=$200 billion
Federal Housing Administration to refinance failing mortgage into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill= $300 billion
Local communities to help them buy and repair homes abandoned due to mortgage foreclosures= $4 billion
JPMorgan Chase & Co for providing financing to underpin trades with units of bankrupt investment bank Lehman Brothers= $87 billion
Financing for JPMorgan Chase’s government-brokered buyout of Bear Stearns & Co in March=$29 billion
Outstanding loans to banks issued through the Fed’s Term Auction Facility, which was recently expanded to allow for longer loans of 84 days alongside the previous 28-day credits =$200 billion
TOTAL= 905 Billion
What’s our GDP here in Canada?
Hang on for the ride…