The U.S. Banking Bailout is already at almost half a trillion in loans to banks

I found the perfect song to go with this post...  Can't go wrong with the Red Hot Chili Peppers and "Give it away now."  That's what The Fed and the U.S. government is doing for the banks.

According to this article from the U.K. newspaper/news site, The Guardian, U.S. banks have borrowed $300 billion from the Federal Reserve, to shore up their books, and cover the rising number of withdrawals.  $143 bllion of that was loaned to the holding companies of Silicon Valley Bank and Signature Bank, to cover the money owed to depositors.  The Fed did not disclose which banks got the rest of the money.  

In addition to that money, another $153 billion was loaned through the traditional Fed Discount Window, and another $11.9 billion was loaned out in the new program, just set up last Sunday, to allow banks to borrow against assets to cover outflows to depositors.  These amounts total $464.9 billion in loans, just in this first week of the banking crisis.  

In addition to all those loans from The Fed, several large banks also loaned a total of $30 billion to First Republic Bank, whose stock dropped precipitously on the fears of contagion in the banking system.  That puts the total amount loaned out, in about a week, at $494.9 billion, to keep the banking system afloat.  

In Europe, it's been widely reported that $54 billion of loans went to Credit Suisse, to shore up that bank. 

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