Please don't let Obama and Biden know what comes after a trillion ... these idiots honestly believe that you have to spend your way out of debt!
Posted on 07/20/2009 3:09:14 PM PDT by Oldeconomybuyer
WASHINGTON — The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday.
Under the worst of circumstances, the report said, the government's maximum exposure could total nearly $24 trillion, or $80,000 for every American.
The figures are part of a tough new quarterly report to Congress from special inspector general Neil Barofsky, who accuses the Treasury Department of repeatedly failing to adopt recommendations aimed at making one component of the government financial rescue effort more accountable and transparent.
The $4.7 trillion commitment to the industry takes into account about 50 initiatives and programs set up since 2007 by the Bush and Obama administrations as well as by the Federal Reserve. Barofsky oversees one of the initiatives — the $700 billion Troubled Asset Relief Program.
Much of the government assistance is backed by collateral and Barofsky's $23.7 trillion estimate represents the gross, not net, exposure that the government could face.
Because of declining participation in short-term loan programs and because some infusions of money have been repaid, the maximum amount actually spent has declined to a current outstanding balance of $3 trillion, Barofsky said.
(Excerpt) Read more at google.com ...
I disagree with you that the $4.7 trillion will be retrieved.
This article really spells out what happened and when it comes to how many trillions have been lost, the major finacials got the money and the taxpayers got the risk. A ruse called the privatization of profit and socialization of risk. And as you read this, remember the article is only talking about the bailout of JPMorganChase. Let’s also add up similiar losses at companies like BofA, Citi, Goldman Sachs, Morgan Stanley, Wachovia, etc....
http://www.webofdebt.com/articles/banking-bailout.php
They figured it worked for Neil Bush and the other S & L robber barons, it should be ok for them to try it on a bigger scale.
Marxism/fascism always has a collusion between big business and government. That is part of the plan.
China ‘owns’ our country now.
Obama lied America died.
They say this includes actions by the Federal Reserve, but are they talking only talking about its direct investments? I seem to remember the Fed planning to create 2 trillion dollars out of thin air (which they probably explained away as necessary to “stabilize prices”), a totally seperate action from its bailouts of AIG and the like.
The government is not a bank. The government has guns and prisons. Not to say that Wall Street won’t get what it wants out of politicians. But to do so, they’ll have to deal with politicians, who in turn must deal with the mob. If it were simply a matter of people buying political influence, I’d say we could be owned by Goldman Sachs. But so long as we are a democracy, spending on “social” programs will forever have precedent over corporate welfare.
To put it another way, the people can periodically be fooled into believing there’s a crisis, and that unless we save the financial industry, all will be lost. Voters feed on fear, and bankers can provide them with all the fear they (temporarily) need.
However, it’s easier to make the mob feed on class envy than on abstractions like international financial downturns. Much easier to get people to believe AIG executives are stealing their money than to believe unless AIG gets money (and now!), their own money will be stolen.
With Spending and Debt as it is. There is no way out . Printing Money is not going to do it . And China is cutting us off. And Consumers are not spending and the Banks are not Lending. Americans are too Over Leveraged now to spend anyway. And the Banks have cut Credit Card Limits to what people owe. And most are Underwater on their Homes. But fear not. We have Health Care Reform and Cap & Tax to save us.
I look forward to the complete collapse of this Government; I honestly do. I will be able to live freer than I ever have in me entire life. It will be hard, of this I make no bones; but I will be truly free.
Bill Black was the former Director of the Institute for Fraud Prevention. During the savings and loan crisis, Black accused then-house speaker Jim Wright and five US Senators, including John Glenn and John McCain, of doing favors for the S&L's in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers, Charles Keating — after whom the senate's so-called "Keating Five" were named — he sent a memo that read, in part, "get Black — kill him dead."
Does anyone see any similarities between "Keating Five" and "Friends of Angelo"
Friends of Angelo being the that Angelo Mozilo, the former CEO of countrywide mortgage, arranged favorable mortgage financing for influential lawmakers and politicians, including Sen. Chris Dodd and Kent Conrad, former Fannie Mae CEOs Jim Johnson and Franklin Raines, former secretary for the HUD - Alphonso Jackson, and Clinton Jones who was senior counsel of the House Financial Services Subcommittee on Housing and Community Oppurtunity.
But atleast there was a few positives to take from the S&L crisis that worked well until recently. There was the creation of the Prompt Corrective Action Law which required the FDIC put into receivership any regulated institution with insufficient capitalization. Only problem is Paulson and Geithner are refusing to obey the law when it comes to the "favored" banks and financials. Which is why there has been bailouts of the major retail banking financials like JPMorgan Chase and Citi, instead of receivership where the law stated they belonged.
But its scary how small the S&L crisis was in comparison to the current mess. IndyMac just by itself produced as many losses as the entire S&L debacle. We are now talking about trillions in losses by all the major financials.
Add Cap and Trade, ObamaCare and the looming Social Security/Medicare bust and the United States of America is effectively bankrupt. Can’t beg, borrow or tax and spend our way out of this mess. It’s just a matter of time before they run out of printer’s ink. Meanwhile, the tons of paper money required to pay your bills will be worth more as fuel to warm up your tin of catfood for tonight’s dinner than its nominal monetary value.
Yeah that would have been better.
“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law” - US Constitution
Anyone remember a law authorizing 4.7 trillion?
and not a bit of relief in sight.
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