So far the government has given or backstopped 12.8 trillion to buy time. From Bloomberg:
=========================================================== __________________________________---_Amounts_(Billions)--- ___________________________________Limit__________Current =========================================================== Total____________________________$12,798.14_____$4,169.71 ----------------------------------------------------------- _Federal_Reserve_Total____________$7,765.64_____$1,678.71 __Primary_Credit_Discount___________$110.74________$61.31 __Secondary_Credit____________________$0.19_________$1.00 __Primary_dealer_and_others_________$147.00________$20.18 __ABCP_Liquidity____________________$152.11_________$6.85 __AIG_Credit_________________________$60.00________$43.19 __Net_Portfolio_CP_Funding________$1,800.00_______$241.31 __Maiden_Lane_(Bear_Stearns)_________$29.50________$28.82 __Maiden_Lane_II__(AIG)______________$22.50________$18.54 __Maiden_Lane_III_(AIG)______________$30.00________$24.04 __Term_Securities_Lending___________$250.00________$88.55 __Term_Auction_Facility_____________$900.00_______$468.59 __Securities_lending_overnight_______$10.00_________$4.41 __Term_Asset-Backed_Loan_Facility___$900.00_________$4.71 __Currency_Swaps/Other_Assets_______$606.00_______$377.87 __MMIFF_____________________________$540.00_________$0.00 __GSE_Debt_Purchases________________$600.00________$50.39 __GSE_Mortgage-Backed_Securities__$1,000.00_______$236.16 __Citigroup_Bailout_Fed_Portion_____$220.40_________$0.00 __Bank_of_America_Bailout____________$87.20_________$0.00 __Commitment_to_Buy_Treasuries______$300.00_________$7.50 ----------------------------------------------------------- __FDIC_Total______________________$2,038.50_______$357.50 ___Public-Private_Investment*_______$500.00__________0.00 ___FDIC_Liquidity_Guarantees______$1,400.00_______$316.50 ___GE_______________________________$126.00________$41.00 ___Citigroup_Bailout_FDIC____________$10.00_________$0.00 ___Bank_of_America_Bailout_FDIC_______$2.50_________$0.00 ----------------------------------------------------------- _Treasury_Total___________________$2,694.00_____$1,833.50 __TARP______________________________$700.00_______$599.50 __Tax_Break_for_Banks________________$29.00________$29.00 __Stimulus_Package_(Bush)___________$168.00_______$168.00 __Stimulus_II_(Obama)_______________$787.00_______$787.00 __Treasury_Exchange_Stabilization____$50.00________$50.00 __Student_Loan_Purchases_____________$60.00_________$0.00 __Support_for_Fannie/Freddie________$400.00_______$200.00 __Line_of_Credit_for_FDIC*__________$500.00_________$0.00 ----------------------------------------------------------- HUD_Total___________________________$300.00_______$300.00 __Hope_for_Homeowners_FHA___________$300.00_______$300.00 ----------------------------------------------------------- [T]he FDIC’s commitment to guarantee lending under the Legacy Loan Program and the Legacy Asset Program includes a $500 billion line of credit from the U.S. Treasury.
And now we have this:
Is this 9 trillion in off balance sheet lending in addition to the 12.8 trillion in loans and backstops we already know about or is there some overlap? Just how soon does this blow up?
