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Randy Shaw: U-S Throws Money But Crisis Won't Go Away

by rshaw

Posted on October 19, 2009 at 1:12 PM

Updated Monday, Oct 19 at 1:12 PM

The federal government is throwing money at the financial crisis so quickly many taxpayers might have lost count. Let's bring you up to date.

Forget the so-called $750-billion dollar bail out. We have gone well beyond that figure.

There is actual spending, along with guarantees, loans, swaps and other complicated measures taken by the Federal Reserve and the Treasury over the past year. Remember the AIG bailout and others? According to the business experts at CNBC that total taxpayer figure so far is $4.28-trillion dollars. According to other business experts it's a little more than $5-trillion.

That's more money than was spent on World War Two and the Vietnam War combined if adjusted for inflation.

Still the stock market falls, the layoffs are announced daily and the big three auto makers are begging for their own bailout. So too are state and local governments around the country.

So far we've spent more than four-trillion dollars trying to shore up this mess and it isn't enough.

What do you think has to happen before this recession becomes a depression? Should we bail out the auto industry too along with Wall Street? Where will it all end? And more importantly, where will it leave all of us?