Tuesday, November 25, 2008

Bailouts costing more than NASA's lifetime budget, New Deal, Marshall Plan, other wars, COMBINED

The Internet just keeps amazing me. I'm actually finding posts about books that haven't even been written yet. Here's one I ran across on The Big Picture, about a new book called Bailout Nation by Barry Ritholtz:

"In doing the research for the "Bailout Nation" book, I needed a way to put the dollar amounts into proper historical perspective.

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars! So far.

People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Crunching the inflation adjusted numbers, we find the bailout has cost more than all of these big budget government expenditures – combined:

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion!


"If they are too big to fail, make them smaller."
-former Nixon Treasury Secretary George Shultz, said about Fannie Mae and Freddie Mac.


I like this website in general, explore it for yourself:


http://bigpicture.typepad.com/


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