I think he's including: * Securities and IOU's bought by the Fed * Fannie Mae, Freddie Mac and AIG bailouts * Bank failures and the future bailout of the FDIC *

I think he's including: * Securities and IOU's bought by the Fed * Fannie Mae, Freddie Mac and AIG bailouts * Bank failures and the future bailout of the FDIC * Interest spent on IOU's * probably others as well