Tuesday, August 11, 2009

$4 Trillion Down... Up to $9 Trillion to Go

Click for Ginormous Chart of Taxpayer Outlays



Source: Bianco Research via Ritholtz' The Big Picture

Update: The above chart is a direct reproduction of the Bianco table. Jake (i.e. me) spent no effort verifying the data, which long time reader dblwyo believes may be off:
My own inspection indicates that there are many different instruments here - that flows are very badly confused with stocks - and that authorities with actual outlays.

That set of mistakes is being made all over, e.g. with the arguments that all the bailouts exceed WW2. Excuse me authorizations for credit authorities are what percent of the real economy and represent what level of disruption in the situation ?

I find it fascinating that the stimulus isn't working at all (not true btw) yet it's more massive than WW2 :) ! Amazing.

5 comments:

  1. You know I had problems when Barry posted this and with the soundness of Bianco's reasoning. Is each and every layer of that stack apples to apples ? Did you check and are you sure or was this just for fun ?

    My own inspection indicates that there are many different instruments here - that flows are very badly confused with stocks - and that authorities with actual outlays.

    That set of mistakes is being made all over, e.g. with the arguments that all the bailouts exceed WW2. Excuse me authorizations for credit authorities are what percent of the real economy and represent what level of disruption in the situation ?

    I find it fascinating that the stimulus isn't working at all (not true btw) yet it's more massive than WW2 :) ! Amazing.

    I mention all this because you're record for fact-checking is exemplary and won't mention it again if this is too annoying.

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  2. dblwyo- i must admit. this is purely a reproduction of the bianco table, but in chart form. thus, my exemplary form may be out the window on this one (for that, i will throw in a caveat!).

    thanks for the sharing...

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  3. Jake - understood. Kinda thought that was the deal. Sadly Barry has grown a disconcerting tendency to pontificate on things outside his expertise without regrounding himself in the facts or data. From inflation to interest rates to the Fed to the bank bailouts. When he's on topic he continues to be great but the filter requirement has exponentiated.

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  4. If I read the chart correctly, TARP and Public-Private are both calculated at maximum cost. First, isn't Public-Private paid for with TARP money? Second, both programs have assets with some value (unless banks and real estate are actually worth nothing).

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