Monday, July 20, 2009

U.S. Rescue May Reach $23.7 Trillion

U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update1)

By Dawn Kopecki and Catherine Dodge

July 20 (Bloomberg) -- U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

“TARP has evolved into a program of unprecedented scope, scale and complexity,” Barofsky said in testimony prepared for a hearing tomorrow before the House Committee on Oversight and Government Reform.

Costs include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp., $7.4 trillion in TARP and other aid from the Treasury and $7.2 trillion in federal money for Fannie Mae, Freddie Mac, credit unions, Veterans Affairs and other federal programs, he said.

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  2. Buy things, buy silver, buy a cordless drill, anything but cash savings. $$ is going Zimbabwe folks.

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  3. And for God's sake, get your damn money out of the bank!

    I refuse to keep any more in my account than neccessary except to pay a bill or 2 online here and there.

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  4. But I don't have 23.7 trillion!

    Wait, let me look. No, yeah. I don't
    have it, yeah. No.

    You know what? Nope. DOn't have it.

    Sorry.

    Next!

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