The FDIC in the last six months has taken over 45 failed banks.
To date, the financial crash has cost us $700 billion in TARP funds, $787 in stimulus money (to patch up the gaping hole the financial crash tore out of the real economy), and about $20 billion for the auto industry with $50 billion more on the way. We don’t know what the asset guarantees and FDIC takeovers will actually cost. Conservatively, we’re up to about $1.5 trillion in taxpayer money — which divides up to equal nearly $5,000 from every man, women and child in the country.
Not a pretty picture. Now what?