December 4, 2011
The Wisdom Fund

Report: The $16 Trillion Bailout

U.S. Senator Bernie Sanders: "As a result of these GAO reports, we learned that the Federal Reserve provided a jaw-dropping $16 trillion in total financial assistance to every major financial institution in the country as well as a number of corporations, wealthy individuals and central banks throughout the world."

On page 130, the GAO states: "Table 8 aggregates total dollar transaction amounts by adding the total dollar amount of all loans but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding. For example, an overnight PDCF loan of $10 billion that was renewed daily at the same level for 30 business days would result in an aggregate amount borrowed of $300 billion although the institution, in effect, borrowed only $10 billion over 30 days. In contrast, a TAF loan of $10 billion extended over a 1-month period would appear as $10 billion."

U.S. Debt: $15 Trillion -- $48,000 per person, $134,000 per taxpayer

GAO audit summary

"'War Is A Racket'," The Wisdom Fund, September 11, 2001

The Enormous Cost of War," The Nation, August 17, 2007

"The Bailout: Socialism For the Rich, Free Market For the Rest," The Wisdom Fund, September 19, 2008

"The Looting of America," The Wisdom Fund, February 7, 2009

Tracey Greenstein, "The Fed's $16 Trillion Bailouts Under-reported,", September 20, 2011

"The Occupy Movement," The Wisdom Fund, October 5, 2011

Mike Whitney, "The 50-State Foreclosure Settlement: Why Hasn't Anyone Gone to Jail?,", February 21, 2012

Ezra Klein, "The invisible welfare state of the top one percent,", March 2, 2012

Gar Alperovitz, "How Big Banks Run the World - at Your Expense,", June 8, 2012

Alex Newman, "World Bank Insider Blows Whistle on Corruption, Federal Reserve,, May 22, 2013

Peter Allen, "Head of the IMF Christine Lagarde in court charged with embezzlement and fraud,, May 23, 2013

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