Fed Takes Another $800 bn From Taxpayers…

The US Federal Reserve has committed yet more money to the so-called “bailout” of the US economy – this despite no hard evidence that credit markets are, in fact, tightening (as we reported here). $800,000,000,000. more.

According to Bloomberg¹, $600 bn will be used to purchase toxic assets of Freddie, Fannie et al., the very entities without whose existence the housing slump could not have occurred.

Another $200 bn will go to “support” consumer and small-business loans.

What does that mean for the beleaguered US taxpayers? Well, as we previously wrote, the original $700 bn TARP package, coupled with the attempted bailouts of Bear Stearns and AIG, already had taxpayers on the hook for $7,546 each. This adds another $5,954 to each taxpayer’s obligation, for a grand total (to date) of a staggering $13,500.

That’s a bill which, of course, will come due for taxpayer at some later date. There are no reports of any discussions on that part of the equation…