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The Year in Research
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Mind Your Value Judgements
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S.E.C. Short-Sale Ban: Pretty Much Useless
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Advice from Japan: Don't Forget TARP 1
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Chart of the Day: Money Market Stress Easing
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House Price Bubble Deflated?
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Where Were the Whistleblowers?
Dec 16 200811:03 pm EDT -
It's Just a Recession
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Comparing American and European Unemployment Insurance
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Dec 11 20084:33 pm EDT
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Potential Cost of Mortgage Mess to Taxpayers Approaching $1 Trillion
The Congressional Research Service estimated in July that the Iraq War has so far cost $648 billion in current dollars.
While the government thus far during the credit crunch has committed to spending about $300 billion as a result of the recent housing bill, potential costs from other bailouts and loan programs could potentially put taxpayers on the hook for $901 billion, Reuters reports. Here is the sum of the housing bill, the bailouts of Fannie Mae, Freddie Mac, AIG, Bear Stearns, and Lehman, as well as the Term Auction Facility loans currently lent:
If you include the recent stimulus, the $500 billion written down so far by financial companies, and the potential costs from the growing possibility of a new government entity that would buy up "bad" debt (and not include opportunity cost), the total final private and public bill from the mortage mess is easily over $1 trillion and probably closer to $1.5 trillion.
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