So much has gone on in 5 years, its nearly impossible to remember it all, even for those who spent their energies tracking the day to day minutia.
So we compiled a 'cheat sheet' summary which highlights everything the government and Fed have done to try to potpourri over the stench of a rotten, floundering US economy since 2007 that is nowhere close to getting better for the bottom 99%
Here’s a recap of some of the larger moves made during the Crisis:
* Fed cutting interest rates from 5.25-0.25% (Sept ’07-today).
~ If you had 10k in a 1yr CD at 5.25%, your interest using simple math would have been $525; Based on 0.25%, your annual interest now would be $25.
* The Bear Stearns deal- taking on $30 billion in junk mortgages (Mar ’08).
* Hank Paulson nationalizes/spends $400 billion on Fannie/ Freddie (Sept ’08).
* The Fed takes over insurance company AIG for $85 billion (Sept ’08).
* The Fed doles out $25 billion for the automakers (Sept ’08)
~ In the case of GM, they took that money, then eliminated three car brands, raised their prices by 5-10% and in 2009, opened a car manufacturing plant in China
* The Feds kick off the $700 billion TARP program (Oct ’08)
~ In addition, credit card companies like AMEX and Discover are allowed to be called "banks" for purposes of receiving bailout funds
* The Fed buys commercial paper from non-financial firms (Oct ’08)
* The Fed offers $540 billion to backstop money market funds (Oct ’08)
* $40 billion more to AIG (Nov ’08)
* The Fed backstops $140 billion of Bank of America’s liabilities (Jan ’09)
* Obama’s $787 Billion Stimulus (Jan ’09)
* QE 1 buys $1.25 trillion in Treasuries and mortgage debt (March ’09)
* QE lite buys $200-300 billion of Treasuries and mortgage debt (Aug ’10)
* QE 2 buys $600 billion in Treasuries (Nov ’10)
* Operation Twist 2 -$45 bil/month until end of 2012 (Nov ’11)