That's alotta gubmint cheeze!!! Government bailout hits $8.5 trillion Kathleen Pender Wednesday, November 26, 2008 <!--/.articleheadings --> <!-- types/article/articletools.tmpl --> <hr> <table> <tbody><tr> <td class="print">Print</td> <td class="email">E-mail</td> <td class="share"> <table border="0" cellpadding="0" cellspacing="0"><tbody><tr> <td class="first">del.icio.us Digg Technorati Reddit Facebook</td> <td>Slashdot Fark Newsvine Google Bookmarks </td> </tr></tbody></table> <!--/sharepop1box-->Share</td><!--/.share --> <!-- types/article/article_comments.tmpl --> <!-- end types/article/article_comments.tmpl --> <td class="comments">Comments </td> <td class="height"></td> <td class="font"> <form> <input id="font_radio_georgia" name="font_radio" value="1" onclick="sfgate_chfont('georgia');" checked="checked" type="radio"> Georgia (default) <input id="font_radio_verdana" name="font_radio" value="2" onclick="sfgate_chfont('verdana');" type="radio"> Verdana <input id="font_radio_times" name="font_radio" value="3" onclick="sfgate_chfont('times');" type="radio"> Times New Roman <input id="font_radio_arial" name="font_radio" value="4" onclick="sfgate_chfont('arial');" type="radio"> Arial </form> <!--/.popup--> <!--/fontpopbox-->Font | Size:</td><!--/.font --> <script type="text/javascript">document.getElementById('fontpopbox').onmouseout = sfgate_chfont_mo;</script> <td class="size"></td> <!-- types/article/tools_sponsor.tmpl --> <td class="sponsor"><!-- /templates/types/ads/pages/yld/artsponsor.tmpl --> <!-- /templates/types/ads/pages/yld/yld_rich.tmpl --> <script type="text/javascript"> //<![CDATA[ if (sfgate_yldslotok("x90")) { yld_mgr.place_ad_here("x90"); } //]]> </script> <!-- end /templates/types/ads/pages/yld/yld_rich.tmpl --> <!-- end /templates/types/ads/pages/yld/artsponsor.tmpl --> </td> <!-- end types/article/tools_sponsor.tmpl --> </tr> </tbody></table> <hr> <!-- end types/article/articletools.tmpl --> The federal government committed an additional $800 billion to two new loan programs on Tuesday, bringing its cumulative commitment to financial rescue initiatives to a staggering $8.5 trillion, according to Bloomberg News. <hr> <!-- /templates/types/article/object_lib.tmpl --> <!-- end /templates/types/article/object_lib.tmpl --> Images View Larger Image <hr> <!-- begin: types/widgets/pages/common/autocols/dropin.tmpl --> <!-- autocols/dropin/networth.html generated by networth on Wed Nov 26 01:55:26 2008 --> Net Worth Government bailout hits $8.5 trillion 11.26.08 Citigroup gets a monetary lifeline from feds 11.25.08 Market left waiting for positive news last week 11.23.08 Congress OKs 2nd extension of jobless benefits 11.21.08 More Net Worth » <script type="text/javascript"> //<![CDATA[ sfg_hideoneorlast('col_dropin'); //]]> </script> <!-- end: types/widgets/pages/common/autocols/dropin.tmpl --> <hr> <!-- types/polls/pages/includes/poll_dropin.tmpl --> <!-- polls/common/qlist.tmpl: /polls/2008/11/26/rescue form --> End result of federal rescue programs? <form action="/cgi-bin/polls/user/vote" method="get" name="/polls/2008/11/26/rescue" onsubmit="return voteRequest(this);"> <table> <tbody><tr><td><input name="answer" value="1" type="radio"></td><td>Inflation</td></tr> <tr><td><input name="answer" value="2" type="radio"></td><td>Recovery</td></tr> <tr><td><input name="answer" value="3" type="radio"></td><td>Crippling debt</td></tr> </tbody></table> <input class="submit" value="Vote" id="/polls/2008/11/26/rescue/vote" type="submit"> </form><!-- /cgi-bin/polls/user/vote --> <!-- end of /polls/2008/11/26/rescue polls/common/qlist.tmpl --> View Results Disclaimer About This Poll SF Gate polls are strictly surveys of those who choose to participate and are therefore not valid statistical samples. Our poll software uses a variety of methods to ensure that only votes determined to be valid are tabulated. When this determination cannot be made, we may not process your vote. No actions are taken by SF Gate as a result of the polls. Close <!-- /polls/2008/11/26/rescue/disclaimer --> More Polls » <!-- /.footer --> <!-- /#/polls/2008/11/26/rescue --> <!-- /.sfg_poll --> <!-- /.w200 --> <!-- end types/polls/pages/includes/poll_dropin.tmpl --> <hr> <!--/articlebox --> That sum represents almost 60 percent of the nation's estimated gross domestic product. Given the unprecedented size and complexity of these programs and the fact that many have never been tried before, it's impossible to predict how much they will cost taxpayers. The final cost won't be known for many years. The money has been committed to a wide array of programs, including loans and loan guarantees, asset purchases, equity investments in financial companies, tax breaks for banks, help for struggling homeowners and a currency stabilization fund. Most of the money, about $5.5 trillion, comes from the Federal Reserve, which as an independent entity does not need congressional approval to lend money to banks or, in "unusual and exigent circumstances," to other financial institutions. To stimulate lending, the Fed said on Tuesday it will purchase up to $600 billion in mortgage debt issued or backed by Fannie Mae, Freddie Mac and government housing agencies. It also will lend up to $200 billion to holders of securities backed by consumer and small-business loans. All but $20 billion of that $800 billion represents new commitments, a Fed spokeswoman said. About $1.1 trillion of the $8.5 trillion is coming from the Treasury Department, including $700 billion approved by Congress in dramatic fashion under the Troubled Asset Relief Program. The rest of the commitments are coming from the Federal Deposit Insurance Corp. and the Federal Housing Administration. _more_ http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/MNVN14C8QR.DTL
