He’s Got A Little List
March 23rd, 2009 by 
reality
Just taking a checkpoint on the state of the government’s money-pumping. First, the Fed’s contribution:
- Maiden Lane, LLC (I and II) For Bear Stearns bailout.
- Term Auction Facility (TAF)
- Central Bank Liquidity Swaps (CBLS)
- Primary Dealer Credit Facility (PDCF)
- Term Securities Lending Facility (TSLF)
- Term Securities Lending Options Program (TOP)
- Asset-Backed Commercial Paper MMF Liquidity Facility (AMLF)
- Commercial Paper Funding Facility (CPFF)
- Money Market Investor Funding Facility (MMIFF)
- Term Asset-Backed Securities Loan Facility (TALF)
- Outright ownership stake in AIG
- Numerous other “loans” to JPM, Citi and BofA after the Lehman Bros. collapse
- Outright purchase (monetization) of Fannie/Freddie MBS and debt
- Outright purchase (monetization) of U.S. Treasuries
- Expansion of TALF to support the Geithner Treasury/FDIC/Fed program announced this morning.
Total Fed injection, somewhere in the vicinity of $11 Trillion. That would be a capital “T”. Of course, our lawmakers and the administration don’t want to be outdone, so they have made their own contributions:
- The original (Bush) stimulus bill of $150 billion which handed out checks directly.
- Paulson’s “Bazooka” of $800 billion to bail out Fannie, Freddie and the FHLBs
- The Troubled Asset Relief Program of $750 billion.
- The second stimulus bill of $750 billion, more or less.
For a total of somewhere around $2.5 trillion, and a grand total of about $13.5 trillion. Or in other words, about 100% of a year’s GDP. Truly in the bizarre and wonderful category. I guess they’re going to prevent deflation over our dead bodies.
| Ko-Ko. | |
| And that Nisi Prius nuisance, who just now is rather rife, The Judicial humorist — I’ve got him on the list! All funny fellows, comic men, and clowns of private life — They’d none of ‘em be missed — they’d none of ‘em be missed. And apologetic statesmen of a compromising kind, Such as — What d’ye call him — Thing’em-bob, and likewise — Never-mind, And ‘St— ‘st— ‘st— and What’s-his-name, and also You-know-who — The task of filling up the blanks I’d rather leave to you. But it really doesn’t matter whom you put upon the list, For they’d none of ‘em be missed — they’d none of ‘em be missed! |
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| Chorus. | |
| You may put ‘em on the list — you may put ‘em on the list; And they’ll none of ‘em be missed — they’ll none of ‘em be missed! |
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| - | |
| Gilbert & Sullivan, The Mikado |
Posted in Government, Manias, Strategy & Scenarios, The Fed, The Fisc | 
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