$3.43 Trillion & Counting

The real cost of the Wall Street bailout.

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$154

8/9/07: Fed and European Central Bank inject $154 billion into financial system.

$38

8/10/07: Fed injects another $38 billion.

$17.25

8/23/07: Fed injects $17.25 billion.

$31.25

9/6/07: Fed adds $31.25 billion in reserves to US money markets.

$29

3/24/08: Fed agrees to lend $29 billion to facilitate Bear Stearns acquisition by JPMorgan Chase.

$200

3/27/08: Fed injects $200 billion of Treasury securities.

$300

7/30/08: $300 billion Federal Housing Administration bailout passed.

$200

9/7/08: Quasi-nationalization of Fannie Mae and Freddie Mac accompanied by a Treasury pledge to back $200 billion of their losses.

$155

9/16/08: Fed agrees to pay $85 billion for 80% stake in aig. Also adds $70 billion in cash to keep credit flowing after Lehman Brothers fails.

$235

9/18/08: Fed injects $180 billion to shore up money markets and $55 billon in overnight lending to US banking system.

$480

9/29/08: Fed announces it will supply $330 billion to other central banks, triples supply of corporate short-term loans to $225 billion.

$700

10/3/08: $700 billion bailout fund passed.

$37.8

10/8/08: Fed authorizes another $37.8 billion for aig.

$540

10/21/08: Fed injects $540 billion into money market funds.

$144

10/27/08: Fed opens emergency commercial paper window, lends $144 billion in three days.

$100

11/6/08: $100 billion added to commercial paper facility.

$27.5

11/10/08: Fed gives aig another $27.5 billion.

total cost:
$3.4 trillion
Annual interest (at 5%): $170 billion


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We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

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