Burning Through Billions

I thought it was expensive in Vancouver…

So far this week the US fed has committed:

AIG= $85 billion

Fannie Mae and Freddie Mac=$200 billion

Federal Housing Administration to refinance failing mortgage into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill= $300 billion

Local communities to help them buy and repair homes abandoned due to mortgage foreclosures= $4 billion

JPMorgan Chase & Co for providing financing to underpin trades with units of bankrupt investment bank Lehman Brothers= $87 billion

Financing for JPMorgan Chase’s government-brokered buyout of Bear Stearns & Co in March=$29 billion

Outstanding loans to banks issued through the Fed’s Term Auction Facility, which was recently expanded to allow for longer loans of 84 days alongside the previous 28-day credits =$200 billion

TOTAL= 905 Billion

What’s our GDP here in Canada?

Hang on for the ride…