Bailout costs over $3.7 Trillion

Remember when the bailout was going to cost $700 million?  The following is from Reuters:

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.

Ironically, in the new financial reform act, absolutely no additional oversight was given over the main culprits, Fannie Mae & Freddie Mac.