Yesterday, President Obama signed a financial regulation bill, promising there would be no more taxpayer funded bailouts. But this Administration has put our country into severe debt and given us no reason to trust their empty promises. Additionally, the unemployment rate continues to remain unacceptably high. A Reuters report has the story on the $3.7 trillion dollar total:
Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.
The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government's pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.
Increased guarantees for loans backed by the Federal Housing Administration, the Government National Mortgage Association and the Veterans administration increased the government's commitments by $512.4 billion alone in the year to June 30, according to the report.