This was found here:
If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. 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.
Jim Bianco of Bianco Research crunched the inflation adjusted numbers. 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
And people tell me a gold standard is crazy.
25 comments:
This is the most retarded math I've ever seen.
NASA: 416.7 billion
NASA what? NASA rockets, NASA computers, NASA school lunch supplies???????????
Yea...lots of retarded Math going on south of the border...
Its the cost of NASA in total; since the beginning of NASA, I assume.
The liberal news site/blog also linked to the same info here: http://www.ritholtz.com/blog/2008/11/big-bailouts-bigger-bucks/
Obviously some stupid reasoning, since NASA is a government agency. There is no "NASA bailout", only NASA funds.
Back to comparing apples to apples:
If we take the 500 billion New Deal price tag as real, then it follows that the current financial crisis is comparable to the Great Depression IF those funds are actually used. Thanks for that, Josh. I now know why government officials pulled "700 billion" out of thin air. They didn't. They're mimicing the cost of previous bailouts and adding some on to be safe.
Note to those who can not think: The Auto industry bailout would NOT be a financial crisis bailout.
"Obviously some stupid reasoning, since NASA is a government agency. There is no "NASA bailout", only NASA funds."
You can still measure NASA's cost.
"I now know why government officials pulled "700 billion" out of thin air. They didn't."
Yes they did; the treasury department even said they did. They needed a big number that wasn't a trillion.
The auto industry bailout is still a bailout. And keep in mind, we haven't even had Obama's NEW NEW DEAL yet. That's still in the works. They're talking about a $500 billion stimulus plan.
As you continue to justify the Fed printing billions of dollars, please keep in mind the affect all of this will have on food prices across the world. Inflation is going to be massive and world wide. You can even see today a growing crisis for the poor and hungry around the world and this will only get worse because of these policies.
"Yes they did; the treasury department even said they did. They needed a big number that wasn't a trillion."
No, I'm quite sure they knew how much the New Deal cost.
"The auto industry bailout is still a bailout. And keep in mind, we haven't even had Obama's NEW NEW DEAL yet. That's still in the works. They're talking about a $500 billion stimulus plan."
But not a financial bailout. It is an economic bailout. You know, because the car companies can't compete with their SUVs in the current oil-expensive market.
"As you continue to justify the Fed printing billions of dollars, please keep in mind the affect all of this will have on food prices across the world. Inflation is going to be massive and world wide. You can even see today a growing crisis for the poor and hungry around the world and this will only get worse because of these policies."
I don't ever remember myself being overly concerned about "the poor and the hungry", Josh. That simplistic cause is a cause of the Christian right. Charity doesn't solve any problems.
You don't think economic policies should be those that benefit the poor and hungry most?
Noone is talking about charity. Of course, you're political perspective is based around stealing, so I guess I can see why you're against charity...huh?
"You don't think economic policies should be those that benefit the poor and hungry most?"
I think that the global economy is still too infantile to be controlled for the benefit of the global masses. Liberal democratic economies have to built up slowly over time for more and more of the poor to benefit from it. Japan and Korea are great examples of what I'm talking about.
"Noone is talking about charity. Of course, you're political perspective is based around stealing, so I guess I can see why you're against charity...huh?"
My political perspective is not based around stealing. Firstly, taxes are not theft and, secondly, it is a worker's labour that creates profit for the capitalist. Moreover, the financial policies that caused the current crisis are the result of capitalism itself. The Federal Reserve was set up BY capitalists, the lax regulations were lobbied for by them, and the bailout was also approved by them.. You seem to forget that many, many men have become millionaires/richer from this little finanical escapade.
Charity has been the moral of the Christianity for generations. During those generations a significant portion of humanity lived in dire poverty, justified by the actions of the charitable. Why do anything fundamental to change the problem if charity will make it all better! This is why I get so sickened when Christian conservatives attack the education system, the very system, the fundmental change that helped the population out of that vicious cycle.
so I guess "Race to the Moon:" and "NASA" are two totally separate entities. Like I said, retarded.
You're retarded.
And even without the space race, the numbers are still telling.
Chris-
The Federal Reserve represents central economic planet. It promotes corporatism and fascism.
It is not capitalist organization. It interferes with the free market.
According to the inflation calculator I found on the first google search result (http://www.westegg.com/inflation/):
What cost $500000000000 in 1933 would cost $7928983348486.29 in 2007.
so WTF already!??!?! this is the most retarded post of all tiiiiiiiiiiiiiiimmmmmmeeee!!!!!!!
1933 was the new deal btw. can you remove your blog post on ground of total inaccuracy?
Also whats telling is this guy added up all the costs and THEN adjusted for inflation. hahahhahaHAHAHAHA
i digress.
It never actually advises how the calculation for inflation was done.
"You're retarded.
And even without the space race, the numbers are still telling."
They're not telling of anything, because you're comparing apples with watermelons.
"The Federal Reserve represents central economic planet. It promotes corporatism and fascism.
It is not capitalist organization. It interferes with the free market."
Hi Josh,
It promotes corporatism and fascism and was set up by capitalists! Who turned to the nationalists in Germany and created fascism? The capitalists. Who benefits from corporatism? The capitalists, of course. Now, you might be comfortable drawing an imaginary line between big capitalists and small capitalists, but I am not. The only difference between them is size.
"Also whats telling is this guy added up all the costs and THEN adjusted for inflation. hahahhahaHAHAHAHA"
LOL.
Mmmmm watermelon....
'"Also whats telling is this guy added up all the costs and THEN adjusted for inflation. hahahhahaHAHAHAHA"
LOL.'
Please reference how either of you know how these numbers were calculated.
"Who turned to the nationalists in Germany and created fascism? The capitalists. Who benefits from corporatism? The capitalists, of course."
People get corrupt. Its poor government that allowed capitalists to turn into fascist corporatists.
"Please reference how either of you know how these numbers were calculated."
I'm just following AK. ;)
"People get corrupt. Its poor government that allowed capitalists to turn into fascist corporatists."
If only we could find the right government, the history of governmnet would not be strewn with scandal after scandal!
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