❗Help close the gap: We still need to raise $40,000 by the end of March. Donate now
Fallout: The Financial Crisis

Bailout cost U.S. $10K per head

Stephen Beard Sep 11, 2009
HTML EMBED:
COPY
Fallout: The Financial Crisis

Bailout cost U.S. $10K per head

Stephen Beard Sep 11, 2009
HTML EMBED:
COPY

TEXT OF STORY

Bill Radke: The global cost of fighting the financial crisis is a little clearer today. The BBC has figured out the world’s largest economies have spent more than $10 trillion bailing out the system. From London, Stephen Beard has the details.


Steohen Beard: The BBC says that the G20 group of countries shelled out $10.8 trillion fighting financial meltdown. The U.S. spent the most overall: $3.6 trillion. That breaks down to $10,000 for every single American.

Britain, with its much smaller economy, was proportionately harder hit. The U.K.’s bailouts come to $50,000 per head. Much of the money was spent propping up the banks. As they pull out of trouble, governments should get back most of the cash.

But the BBC’s figures highlight some long-term damage. A decade’s worth of bank profits have been wiped out. Despite the more optimistic mood in Washington, it could be years before lending returns to previous levels and the leading economies fully recover.

In London, this is Stephen Beard for Marketplace.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.