Economic Update – Bailouts
With the economic situation of today, here are some quick updates on the bailout. In our July 21st economic update focuses on the bailout as it approaches $24 trillion.
The subprime mortgage crisis, covered in two McCuistion TV episodes, The Cause of the Economic Crisis in America and What Is the True State of the 2009 Economy, has resulted in bailouts that have amassed levels of proportion that according to Mike Shedlock, an investment advisor, are at levels that “simply become incomprehensible.” Mike Shedlock’s posting on TARP Special Investigator Says Bailout Total May Reach $23.7 Trillion gives substantial coverage on the state of the 23.7 trillion dollars in bailout money.
Paul Watson of PrisonPlanet.com asserts that that is equivalent to $80,000 per American. He posted a CNBC video on this economic update on his website.
According to Editor Andrew Sorkin economic update on yesterday’s post on DealBook, “More than 80 percent of the banks that received federal bailout funds said the money had helped them increase lending or avoid a drop in lending as the recession worsened this year, according to a new survey released Sunday.”
ClusterStock offers a chart that shows the growth of bailout money since bailouts began to be distributed.