In article below, Steve Watson discusses the cost of the bailout to the tax payer. He ends his analysis, writing about "derivatives worldwide" to the tune of "$1 to $2 quadrillion".

Big Numbers

What is a quintillion?

Quintillion is: 1,000,000,000,000,000,000
(A Billion of Billions)

Quadrillion is: 1,000,000,000,000,000 (A thousand of billions)

Trillion is: 1,000,000,000,000 (A million of millions)

Billion is: 1,000,000,000 (A thousand of millions)

Million is: 1,000,000 (One thousand thousands)

Henry Paulson, U.S. Treasury Secretary was one of the masterminds behind the heist. But he didn't act alone.

Henry "Hank" Paulson was nominated by George W. Bush as U.S. Treasury Secretary in 2006. He was born to a wholesale jeweler in Florida. His resume includes, Assistant Secretary of Defense, Assistant to John Ehrlichman during the Watergate scandal for which Ehrlichman went to prison and CEO of Goldman Sachs from 1994-1998. His personal weath is estimated at $700 million (that's $700,000,000).

There can be no doubt. The so-called "Bailout", led by Henry Paulson, U.S. Secretary of the Treasury is by far, the biggest robbery of the public in any nation in world history. (See the figures provided in the Infowars chart below).

"An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention."

- Henry Paulson
Shanghai Futures Exchange
Spring 2007

In August 2007, Henry Paulson stated that U.S. subprime mortgage fallout remained largely contained because the global economy was the strongest in decades. In July, 2008, after the collapse of Indymac Bank, Paulson insisted that the banking system is safereassured the public saying, “it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”

Fannie Mae and Freddie Mac account for about half of the $12 Trillion mortgage market ($5.4 Trillion). In July, 2008, the two institutions reported losses 3 times worse than expected. In August, 2008, Secretary Henry Paulson stated, "We have no plans to insert money into either of those two institutions,'' referring to Fannie Mae or Freddie Mac. On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship. Of course in this robbery, Henry Paulson did not act alone!

- Les Blough, Editor

Total Bailout Cost Heads Towards $5 TRILLION
By Steve Watson, writing for Infowars.net
October 15, 2008

"Furthermore, when you account for the fact that the credit default swap market is around $62 trillion, and that derivatives worldwide are worth between between $1 and $2 quadrillion, the numbers start to become meaningless."

The total potential cost of the financial bailout to the U.S. taxpayer is already rapidly approaching $5 trillion, over seven times as much as the meaningless $700 billion bailout bill figure.

Analysts have previously marked out the $5 trillion figure as the actual cost, now those predictions are becoming demonstratively accurate.

Meanwhile, Hank Paulson has defended government intervention, stating "There's no doubt that the way to get the maximum bang for the taxpayers here was to invest in banks."

Based on this Reuters summary and the sources linked within the table, here is a breakdown of the bailout's cost to taxpayers so far.

Bailout Type	Cost To Taxpayers
Pelosi's latest economic-stimulus package	$300 billion
Paulson's Bank Nationalization package	$250billion
Bailout to the American car companies	$25 billion
Nancy Pelosi's bailout of the state and local governments	$150 billion
Financial "bailout" bill	$700 billion+
Bear Stearns financing	$29 billion
Fannie Mae and Freddie Mac nationalization	$200 billion
AIG loan and nationalization	$85 billion (+ extra request of $35 billion)
Federal Housing Administration housing rescue bill	$300 billion
Mortgage community grants	$4 billion
JPMorgan Chase repayments	$87 billion
Loans to banks via Fed's Term Auction Facility	$200 billion+
Loans from Depression-era Exchange Stabilization Fund	$50 billion
Purchases of mortgage securities by Fannie/Freddie	$144 billion
POSSIBLE TOTAL	$2.56 trillion+
NUMBER OF HOUSEHOLDS PER U.S. CENSUS	105,480,101
POSSIBLE COST PER HOUSEHOLD	$24,269

In addition, the U.S. government has said it will temporarily guarantee $1.5 trillion (£856 billion) in new senior debt issued by banks, as well as insure $500 billion (£285 billion) in deposits in non-interest accounts, mainly used by businesses.

These figures take the potential cost to $4.559 trillion+ - or $43, 221 per household.

Furthermore, when you account for the fact that the credit default swap market is around $62 trillion, and that derivatives worldwide are worth between between $1 and $2 quadrillion, the numbers start to become meaningless.

http://www.infowars.net/articles/october2008/
151008Bailout_figures.htm