Billion = Million

It's like we all forgot how to spell million...

The craziest part is that the "m" key is easier to hit than the "b" key...

Our government refuses to hand out anything less than a couple billion these days. Why aren't we outraged that the government gets to choose what industries to bail out?

This is from the NYT as of February 4, 2009. Notice all of the Trillions and billions floating around...

February 4, 2009

Adding Up the Government’s Total Bailout Tab

Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through April 30, the government has made commitments of about $12.2 trillion and spent $2.5 trillion — but also has collected more than $10 billion in dividends and fees. Here is an overview, organized by the role the government has assumed in each case.

THE GOVERNMENT AS INVESTOR

$9.0 trillion

SPENT: $1.6 TRILLION

Includes direct investments in financial institutions, purchases of high-grade corporate debt and purchases of mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.

THE GOVERNMENT AS INSURER

$1.7 trillion

SPENT: $330 BILLION

Includes insuring debt issued by financial institutions and guaranteeing poorly performing assets owned by banks and Fannie Mae and Freddie Mac.

THE GOVERNMENT AS LENDER

$1.4 trillion

SPENT: $528 BILLION

A significant expansion of the government's traditional overnight lending to banks, including extending terms to as many as 90 days and allowing borrowing by other financial institutions.

Money market fundsThe Treasury originally guaranteed these accounts up to $50 billion, but the program has been extended by the Fed, which has in a few cases had to step in to buy illiquid assets of some funds to help them meet obligations. The Treasury has received $814 million in fees from participating mutual funds. Some 1,900 funds are participating.	Committed: $3 trillion Spent: $4 billion
Commercial paperThe Federal Reserve has become the buyer of last resort in the $1.6 trillion commercial paper market.	$1.6 trillion $178 billion
Federal Home Loan Bank securitiesThe Treasury and the Federal Reserve have begun buying debt and mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.	$1.5 trillion $641 billion
Term Asset-Backed Securities Loan Facility (TALF)This program, launched on March 3, will provide loans and accept securities backed by consumer and small-business loans as collateral. Note: $100 billion of the total amount committed comes from the Troubled Asset Relief Program.	$900 billion $5 billion
Public-private investment fundThe Treasury announced details of this program on March 23. The government will seek private investors and use a combination of private and public money to buy nonperforming assets from banks. Note: $100 billion of the total amount committed comes from the Troubled Asset Relief Program.	up to $900 billion $0 billion
Troubled Asset Relief Program (TARP) | See TARP recipients »In return for bailout cash, the Treasury now owns stock in hundreds of banks, General Motors, Chrysler and the insurer A.I.G. The largest recipients are A.I.G. ($70 billion), Bank of America ($45 billion) and Citigroup ($45 billion cash and $5 billion in support of a loan guarantee). The investments are in the form of preferred stock that pays quarterly dividends, which to date total $2.5 billion.	$700 billion $645 billion
Fannie Mae/Freddie MacThe companies were put into conservatorship and the Treasury initally pledged up to $200 billion to cover their losses. Freddie Mac has now received almost $45 billion and Fannie Mae $15 billion.	$400 billion $60 billion
A.I.G.The Federal Reserve has provided seed money to create investment vehicles to buy, hold and possibly dispose of bad securities held or insured by A.I.G.	$53 billion $42 billion
Bear StearnsThe Federal Reserve bought distressed assets from Bear Stearns to facilitate its sale to JPMorgan Chase.	$29 billion $29 billion
Reserve U.S. Government FundDespite the name, this was a private fund, not part of the government. It was the first big money market fund to experience liquidity problems, and the Treasury eventually bought some high-quality assets to help the fund unwind.	$4 billion $2 billion