TARP Will Cost the Taxpayers 23.7 Trillion Dollars!!!
Get ready for a financial firestorm tomorrow!
The inspector general of TARP, Neil Barofsky is about to reveal to Congress that taxpayers are being deceived about what banks are doing with the money they received from the Stinkulus Package. Not only that, he will reveal that the Obama administration has been less than transparent about the government’s “investments” in that the American taxpayers do not know the full extent of how that money is being invested. And, the most shocking part will be when he announces that TARP will cost us 23.7 trillion dollars!!!
This follows on the heels of a report that came out today in which Barofsky’s office noted that banks have used government money for purposes other than increased lending, whether to build up capital cushions, repay debt or help finance acquisitions of other banks.
And, as a side note, Barofsky’s office has opened 35 criminal and civil investigations into issues related to TARP including suspected accounting fraud, securities fraud, insider trading, mortgage servicer misconduct, mortgage fraud, public corruption, false statements and taxes.
Click HERE to read an advance copy of Neil Barofsky’s speech he plans to deliver to lawmakers tomorrow.
US could spend 23.7 trillion dlrs on crisis: report
(AFP)
WASHINGTON — The United States has pledged up to 23.7 trillion dollars to confront the worst recession in decades and shore up the weakened financial system, a government investigator said Monday.
Neil Barofsky, the special inspector general of the Troubled Asset Relief Program (TARP), said that enormous government support has ballooned in the nine months since the creation of the TARP, initially valued at 700 billion dollars.
[...]
“The total potential federal government support could reach up to 23.7 trillion dollars,” Barofsky said in remarks submitted to the House Committee on Oversight and Government Reform.
[...]
The special investigator’s testimony was released amid growing criticism of President Barack Obama’s handling of the economy, which entered recession in December 2007.
[...]
Of course, the Obama administration is in full-on damage control mode, claiming that the $23.7 trillion figure is “inflated:”
Andrew Williams, Treasury Department spokesman, said the $23.7 trillion estimate is “inflated” and that actual outlays are less than $2 trillion so far. Williams said Barofsky’s projection doesn’t account for “fees and other charges that compensate the U.S. taxpayer,” and “does not provide a useful framework for evaluating the potential exposure.”
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20 July, 2009 at 6:44 pm
IG Neil Barofsky fired in 3,2,1,,,,!
What an extraordinary amount of money!
Now that’s what I call “unsustainable”.
20 July, 2009 at 8:12 pm
I personally pledge another $10 trillion to get the economy back on track. Of course I am flat broke but if Obama can make those same pledges in the same financial situation why can’t I.
20 July, 2009 at 9:21 pm
LOL! How true!
Cheers
21 July, 2009 at 6:46 am
WOW! Do you think the Dems will allow him to testify? I mean, with O’Blanko postponing release of his budget report (waiting for signs of improvement, when it will only get worse?), I can imagine they might try to postpone him, as well? Or, maybe it’ll just turn into a feeding frenzy?
Slight aside, has anyone else here noticed how fast O’Zero is aging?
http://sajjadzaidi.com/2009/jan/us_presidents_before_and_after/old_obama.jpg
Stress’ll do that, especially when you’re in a job that’s WAAAAAAAAAAAAYYYYYYY over your paygrade.
At that rate I wonder if he’ll actually make it to 2012?
21 July, 2009 at 6:49 am
and, no, that’s not photoshopped. i saw him in a youtube video the other day, and that’s what he looked like.
21 July, 2009 at 12:14 pm
@Gramfan – …3.2.1.O-zero!!!!! I wonder too, or if he ends up with a Sicilian necktie before the weekend that is attributed as a suicide.
“Andrew Williams, Treasury Department spokesman, said the $23.7 trillion estimate is “inflated” and that actual outlays are less than $2 trillion so far.”
– No kidding, this is a projection of cost, knucklehead.
“…doesn’t account for “fees and other charges that compensate the U.S. taxpayer,” and “does not provide a useful framework for evaluating the potential exposure.””
– I’m sure that those ‘fees’, as paid by Whom?, will make up that much over the initial estimates. OK, say Barofsky is off by 10%, no 20%, that means that it will still be $18,960,000,000,000.00. That is still a hell of a lot of Washingtons, and Franklins! Even if he’s off by 50% that is still waaay over what they claim it will cost.
21 July, 2009 at 9:53 pm
What is truly scary is that we have become so de-sensitized to the word “trillion”!
http://newsprism.files.wordpress.com/2009/04/11-trillion-dollars-in-c-notes.jpg
Now that CA is $20 Billion in debt it sounds like small change,lol!
It actually doesn’t sound that bad to me because CA has more people than the whole of Australia. I’d be quite happy if that were the case here – $1 debt per person.A tad less, in fact.
We were doing fine with our last govt: now Rudd has borrowed $300 billion!
Needless to say I didn’t vote for him.
21 July, 2009 at 9:58 pm
Yup, Rudd is just another freakin’ commie!
Cheers
21 July, 2009 at 10:08 pm
And his wife is a multi-millionaire who made her fortune from government contracts (from the Howard govt), in the employment agency business.
She started with a $10,000 loan a few years ago. It was because of a tip from one of Rudd’s state
government friends!
I think she sold the Aussie branch before the election – conflict of interests.
She still has quite a large concern in the UK and who knows where else? She could do very well out of the Global Financial Crisis.
Before the election she said, “we are just like any other working family”.
I came very close to throwing up!
Rudd has claimed he all kinds of things. So far he is rather like Zelig!
Christian Socialist, Fiscal Conservative,,whatever suits the occasion.
I think he is a dangerous dweeb!