Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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a drop in the bucket

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almost 16 years ago

Was a Drop in the Bucket

By Christopher Barker
November 26, 2008 | Comments (0)

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I remember when $3.9 trillion sounded like a lot of money.

Just weeks after that unfathomable figure dropped my jaw to the ground as I added up the total cost of the financial crisis, I regret to inform you that the sum has promptly doubled. That's right: While the nation was mired in contentious debate over a measly $25 billion bailout for the likes of General Motors (NYSE: GM) and Ford (NYSE: F), my Foolish running tally grew by more than 188 times that amount!

Drawn from independent research and diverse published sources, the following table seeks to provide as precise an accounting of the crisis as the public record currently permits. By my calculations, the combined total of existing and announced outlays from the Federal Reserve and from U.S. government agencies that are directly attributable to the financial crisis has ballooned to more than $8 trillion.

Item

Issuer

Amount of Outlay

Commercial Paper Funding Facility	Federal Reserve	$1.8 trillion
Temporary Liquidity Guarantee Program	FDIC	$1.4 trillion
Term Auction Facility (TAF)	Federal Reserve	$900 billion
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE), and Ginnie Mae	U.S. Treasury / Federal Reserve	$800 billion
Treasury Asset Relief Program (TARP)	U.S. Treasury	$700 billion
Total USD International Currency Swap Lines	Federal Reserve	$688 billion
Money Market Investor Funding Facility	Federal Reserve	$540 billion
Other Loans: Primary Dealer Credit, etc.	Federal Reserve	$288.7 billion
Citigroup (NYSE: C) Guarantee	U.S. Treasury / FDIC	$306 billion
Hope for Homeowners Act of 2008	U.S. Treasury	$304 billion
Term Securities Lending Facility (TSLF)	Federal Reserve	$225 billion
Term Asset-Backed Securities Loan Facility (TALF)	U.S. Treasury	$200 billion
Economic Stimulus Act of 2008	U.S. Treasury	$168 billion
Paid to JPMorgan Chase (NYSE: JPM) to Settle Lehman Brothers Debt	Federal Reserve	$138 billion
AIG (NYSE: AIG) Bailout	Federal Reserve	$112.5 billion
Bear Stearns Brokered Sale	Federal Reserve	$26.9 billion
I'm afraid to look …	Total:	$8,597,100,000,000

* "Other loans" total from the Fed's statistical release as of Nov. 19, 2008, which includes discount window lending to banks and brokerages, and the Asset-Backed Commercial