But Wait, There's More!

If Hoy reads this, expect a post from him.

Anyone want to guess the total amount the government has pledged to bailouts and insuring bad assets? Anyone? Bueller?

$700 Billion? Nope.

$1 Trillion? Nope.

Try.... $7.7 TRILLION.

Here's the Bloomberg chart, which doesn't include the $249 for Citi assets.

I also don't think it includes the $100 Billion in direct purchases of housing-related securities from Fannie, Freddie, and other GSEs. I doubt the $500 Billion in indirect purchases (outside the guv, but likely backed by) as well. Say hello to TALF, which adds another $200 Billion. That's ANOTHER $800 Billion on top, bringing it to $8.5 Trillion in YOUR MONEY. Put another way - Brother can you spare $28,000?

This administration can't be kicked to the curb fast enough. Not that Obama's "dream team" will do much better with this mess. They're going to keep slinging money at this until the country is entirely broke. The entire plan is predicated on the assets being bought with this money (preferreds) being good - ie. - the companies stay solvent. It's also betting on the bad assets being generally okay, which is what got us into this mess in the first place.

In the end, NOTHING is being fixed, but a lot of bullshit is being slung. I'm buying a cabin in the woods and a shotgun, anyone want to come along?