Flashback: Total bailout costs heads toward $5 trillion
Note: Treasury Secretary Henry Paulson refused to buy troubled assets after bailout passed
The total potential cost of the financial bailout to the U.S. taxpayer is already rapidly approaching $5 trillion, over seven times as much as the meaningless $700 billion bailout bill figure. Analysts have previously marked out the $5 trillion figure as the actual cost, now those predictions are becoming demonstratively accurate.
Based on this Reuters summary and the sources linked within the table, here is a breakdown of the bailout’s cost to taxpayers so far.
Cost To Taxpayers
Furthermore, when you account for the fact that the credit default swap market is around $62 trillion, and that derivatives worldwide are worth between between $1 and $2 quadrillion, the numbers start to become meaningless.