$29,000,000,000,000: A Detailed Look at the Fed's Bailout of the Financial System
L. Randall Wray
Economics One-Pager Archive from Levy Economics Institute
The extraordinary scope and magnitude of the financial crisis of 2007-09 induced an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort function. Estimates of the total amount of bailout funding provided by the Fed have ranged from its own lowball claim of $1.2 trillion to Bloomberg's estimate of $7.7 trillion (just for the biggest banks) to the GAO tally of $16 trillion. But new research conducted as part of a Ford Foundation project directed by Senior Scholar L. Randall Wray finds that the Fed's commitments-in the form of loans and asset purchases to prop up the global financial system-far exceeded even the highest estimates.
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