$7.2 Trillion… And counting….

Yup, that’s how much of our money the federal government is using to bailout the banks.  $7.2 trillion.  Well, that’s how much they’ve printed up so far – they haven’t yet dropped all of it out of the helicopters.

Here’s a link to the CNN story showing where it’s gone.  At least the amounts that the government has told us anyway.  For example, look at this line from the link:

October 2008 Money market guarantees $719 billion unknown

That one line commits $719 billion to guaranteeing money market accounts, but the feds haven’t released how much of it they’ve actually spent.  Does anyone else find it asinine that it’s assumed we don’t have the right to know where our money is being spent?

$7.2 trillion.

Also note that both AIG and CitiGroup had to be bailed out TWICE in November.  The total for AIG is now up to $192.5 billion, while CitiGroup has received $320 billion.  Talk about throwing good money after bad….

Here’s a long section of banks that have received your tax dollars.  See if your bank is listed:

Date of Capital Injection Financial Institution City State Amount
10/28/2008 Wells Fargo & Co. San Francisco Calif. $25,000,000,000
10/28/2008 JPMorgan Chase & Co. New York N.Y. $25,000,000,000
10/28/2008 Citigroup Inc. New York N.Y. $25,000,000,000
10/28/2008 Bank of America Corp. Charlotte N.C. $15,000,000,000
10/28/2008 Merrill Lynch & Co. Inc. New York N.Y. $10,000,000,000
10/28/2008 Morgan Stanley New York N.Y. $10,000,000,000
10/28/2008 Goldman Sachs Group Inc. New York N.Y. $10,000,000,000
11/17/2008 U.S. Bancorp Minneapolis Minn. $6,599,000,000
11/17/2008 Capital One Financial Corp. McLean Va. $3,555,199,000
11/17/2008 Regions Financial Corp. Birmingham Ala. $3,500,000,000
11/17/2008 SunTrust Banks Inc. Atlanta Ga. $3,500,000,000
11/17/2008 BB&T Corp. Winston-Salem N.C. $3,133,640,000
10/28/2008 Bank of New York Mellon Corp. New York N.Y. $3,000,000,000
11/17/2008 KeyCorp Cleveland Ohio $2,500,000,000
11/17/2008 Comerica Inc. Dallas Texas $2,250,000,000
10/28/2008 State Street Corp. Boston Mass. $2,000,000,000
11/17/2008 Marshall & Ilsley Corp. Milwaukee Wis. $1,715,000,000
11/17/2008 Northern Trust Corp. Chicago Ill. $1,576,000,000
11/17/2008 Zions Bancorporation Salt Lake City Utah $1,400,000,000
11/17/2008 Huntington Bancshares Columbus Ohio $1,398,071,000
11/17/2008 First Horizon National Corp. Memphis Tenn. $866,540,000
11/17/2008 TCF Financial Corp. Wayzata Minn. $361,172,000
11/17/2008 Valley National Bancorp Wayne N.J. $300,000,000
11/17/2008 UCBH Holdings Inc. San Francisco Calif. $298,737,000
11/17/2008 Umpqua Holdings Corp. Portland Ore. $214,181,000
11/17/2008 Washington Federal Inc. Seattle Wash. $200,000,000
11/17/2008 Provident Bancshares Corp. Baltimore Md. $151,500,000
11/17/2008 Bank of Commerce Holdings Redding Calif. $17,000,000
11/17/2008 1st FS Corp. Hendersonville N.C. $16,369,000
11/17/2008 Broadway Financial Corp. Los Angeles Calif. $9,000,000
11/21/2008 First Niagara Financial Group Lockport N.Y. $184,011,000
11/21/2008 HF Financial Corp. Sioux Falls S.D. $25,000,000
11/21/2008 Centerstate Banks of Florida Inc. Davenport Fla. $27,875,000
11/21/2008 City National Corporation Beverly Hills Calif. $400,000,000
11/21/2008 First Community Bankshares Inc. Bluefield Va. $41,500,000
11/21/2008 Western Alliance Bancorporation Las Vegas Nev. $140,000,000
11/21/2008 Webster Financial Corporation Waterbury Conn. $400,000,000
11/21/2008 Pacific Capital Bancorp Santa Barbara Calif. $180,634,000
11/21/2008 Heritage Commerce Corp. San Jose Calif. $40,000,000
11/21/2008 Ameris Bancorp Moultrie Ga. $52,000,000
11/21/2008 Porter Bancorp Inc. Louisville Ky. $35,000,000
11/21/2008 Banner Corporation Walla Walla Wash. $124,000,000
11/21/2008 Cascade Financial Corporation Everett Wash. $38,970,000
11/21/2008 Columbia Banking System, Inc. Tacoma Wash. $76,898,000
11/21/2008 Heritage Financial Corporation Olympia Wash. $24,000,000
11/21/2008 First PacTrust Bancorp, Inc. Chula Vista Calif. $19,300,000
11/21/2008 Severn Bancorp, Inc. Annapolis Md. $23,393,000
11/21/2008 Boston Private Financial Holdings, Inc. Boston Mass. $154,000,000
11/21/2008 Associated Banc-Corp Green Bay Wis. $525,000,000
11/21/2008 Trustmark Corporation Jackson Miss. $215,000,000
11/21/2008 First Community Corporation Lexington S.C. $11,350,000
11/21/2008 Taylor Capital Group Rosemont Ill. $104,823,000
11/21/2008 Nara Bancorp, Inc. Los Angeles Calif. $67,000,000
Total: $161,471,163,000

Now the automakers want their piece of us.  Screw em.  Let them go broke and be auctioned off in bankruptcy.  Maybe Honda, Toyota, BMW, or Kia would like those factories.  Almost any of them would put the factories to better use than GM, Ford, or Chrysler are doing.

Rumor has it that Obama wants a $1 trillion stimulous package.  I say no.  No more bailouts.  Stop the insanity now.

gk

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  1. […] an update on a post I made last month.  Here is an account of the actual dollar amounts given to various recipients of […]

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