The Drudge Report linked to a very disturbing bailout news story yesterday, claiming that the “U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers” toward rescuing the financial services sector.

That’s about $80,000 per U.S. family, or $25,000 per person (if we’re talking about 2009 expenditures).

Except . . . the story doesn’t explain what kind of outlays these are or where these figures come from.

The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg.

“Tapped” is not a financial term of art, of course, and what “data” did Bloomberg compile?

One suspects that this might be loan guarantees of some kind, with the total amount being lent in the $7.7 trillion range, but this does not mean that $7.7 trillion is going to be spent.

It’s all quite fishy.

The “TARP” program in the bailout bill (”Troubled Asset Relief Program”) – this money might well be spent, and I predicted as much when the whole bailout process began – but loan guarantees are a different thing.

Without better reporting, I don’t find the Bloomberg story credible or useful. So relax folks! It may not be tens of thousands spent on your behalf. But it could be. We’ll keep watching . . . .