$2 Trillion, that is!
Iraq War (ref Joseph Stiglitz) -
Crony bail-out so far* - $ 0.5 Trillion
Of course that's not counting the as-yet-to-be-decided bail-out to purchase the toxic securities on investment banks' books!
* Crony bail-out broken down as follows:
Fannie Mae/Freddie Mac (US Treasury) - $ 200 billion
Loans to banks - $ 183 billion
Loan to AIG - $ 85 billion
Loans to investment banks - $ 60 billion
Financing to JP Morgan to buy Bear Stearns - $ 29 billion
Total deal - $ 557 billion
(* Ref Washington Post, Sept 19, 2008, "The Insiders - In Crucible of Crisis, Paulson, Bernanke, Geitner Forge a Committee of Three")
And the tab for Bush 44, another Republican administration?
At the going rate probably another Trillion dollars!
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