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.
Treasury spokesman Andrew Williams said the U.S. has spent less than $2 trillion so far and that Barofsky’s estimates are flawed because they don’t take into account assets that back those programs or fees charged to recoup some costs shouldered by taxpayers.
Barofsky's extimates don't take into account the assets, because the assets are basically worth nothing, in spite of what the banks think the book values are. They aren't dealing with the reality. The banks have 2 sets of books for everything now. Accounting fraud has been legalized.
ReplyDeleteOutstanding.
ReplyDeleteWell, most of us won't be able to contribute much to that debt. We get paid piddly wages that just barely get us by, while the government whines at us to spend more money to put the economy back on track.
ReplyDeleteIt's the elites that will have to do something about it if they want this country to continue to exist. But they're busy offshoring and hiding their profits, while occasionally some losers post on here about how they worked sooooo hard and they shouldn't have to give anything back to this country (all the while telling us we should work harder and "give back" by working for free for them).
Bye bye America. Nobody is going to do what needs to be done. We can't beat the tanks and firepower of the elites, so we're just not gonna do anything.
You included
ReplyDeleteWhine Whine
Answers ???????????????????
Why is "the elite" still alive?
ReplyDeletePaying back the 27 trillion is simple, the Fed can just print 27 trillion dollars and pay it back, right? No problem! Just keep printing more money and send it to all of us Small People.
Where's my bailout?
I thought Obama was from Kenya but it appears he is from Zimbabwe.
ReplyDeleteEnjoy.
Now where is my wheel barrow?
"Why is "the elite" still alive?"
ReplyDeleteThe elite are still alive because the sheeple either don't know, or don't believe they exist..yet.
where is that fake texas cowboy from maine who started all of this mess, why doesnt the fake cowboy who is afraid of horses helping out?
ReplyDeleteIn fact no matter if someone doesn't understand after that its up to other users that they will assist, so here it happens.
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