Posted on 09/05/2010 10:25:39 AM PDT by Lexluthor69
The $700 billion stimulus plan that was supposed to keep unemployment below 8% was just the tip of the iceberg. The actual amount of money leveraged to prop up the failing economy was closer to $12.8 trillion with a “t” ($12,800,000,000,000).
This story is coming from that well know bastion of right wing conspiracy theorists known as P.B.S.
It seems that our government, and by proxy each and every one of us, was on the hook for a great deal of more money than taxpayers were lead to believe. This video clip is an eye opener. You have to watch this if you are to fully grasp the magnitude of the spending our government is engaged in .
From P.B.S.:
The true cost of the bank bailout
We all know about TARP, the Troubled Asset Relief Program, which spent $700 billion in taxpayers’ money to bail out banks after the financial crisis. That money was scrutinized by Congress and the media.
(Excerpt) Read more at silentmajority09.com ...
That’s a whole lot’a BOHICA.
LOL. I guess George Soros might have some assets, the MSM, Union bosses, but the rest are feeding at the government trough. They've voted themselves the keys to the treasury.
FYI
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Behind The Real Size of the Wall Street Bailout (more like $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum
A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street.
The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs (controlled by Rahm Emanuel)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].
--SNIP--- long read
Federal Reserve bailout programs
Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.
Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.
Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.
Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.
--SNIP--- long read
CNBC's outspoken Rick Santelli: Obama's so-called stimulus spending went to govt payrolls---and not infrastructure improvement---as it was sold to taxpayers.
The $786B TARP Bailout is now being called, "A MASTERFUL DECEIT." Paulson, et al, may not have pulled a fast one when he testified in favor of the TARP before Congress----but Congress' phony outrage is a puzzlement. If HR 1424 was a 'MASTERFUL DECEIT' then CONGRESS didn't do its job.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM (required 'Congressional Oversight' sections listed)
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 111. Executive compensation and corporate governance.
Sec. 116. Oversight and audits.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 125. Congressional Oversight Panel.
Sec. 127. Cooperation with the FBI.
Sec. 129. Disclosures on exercise of loan authority.
ANALYSIS In HR 1424, there are enough rules, regs and CONGRESSIONAL OVERSIGHT REQUIRED that not one Thin Dime should have been 'misspent.' So if anything crooked did go on Congress should look in a mirror. They dropped the ball -- again. And the same Gangster Government is running the trillion dollar O'care ripoff.
The number is closer to $15.6T as of last counting...
Deferred losses on huge chunks of risk contracts that were bought by the Fed have no liquid market and are being marked to fantasy by the Fed.
Further, the Maiden Lane entities have not really been audited, any analysis using the Fed numbers at face value regarding the Fed’s balance sheet is a dubious affair to say the least.
“We believe in one spender,
The Government, the Almighty,
Stimulator in times of great distress.
We Believe in Obama,
The only son of a Kansas girl.
He was conceived out of wedlock
By the power of young love
And Born nearly fifty years ago.
He can do no wrong.
We believe in the Holy Congress,
The giver of all life,
From whom all good things come.
With the power of the Federal Reserve,
And the eminences of the Supreme Court, The Congress is worshiped and glorified.
They shall spend us to prosperity now and forever.
Amen.” “
Not nearly enough. Only the top 1-2% of the Democrats have any money...the other 98% are waiting to be given YOUR money.
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