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Posted on 08/18/2009 6:15:55 PM PDT by chuck_the_tv_out
Think last year’s $700 billion Wall Street rescue package was beaucoup bucks to spend bailing out the nation’s floundering financial system? That’s chump change compared to what the overall price tag could be, a government watchdog says.
The inspector general in charge of overseeing the Treasury Department’s bank-bailout program says the massive endeavor could end up costing taxpayers almost $24 trillion in a worst-case scenario. That’s more than six times President Obama’s proposed $3.55 trillion budget for 2010.
Much of the bailout’s attention has focused on the Treasury’s $700 billion Troubled Asset Relief Program, or TARP, which Congress hurriedly passed last fall. But about 50 other federal programs that began as early as 2007 could push the government’s total financial support of the private financial sector to at least $23.7 trillion, says TARP Special Inspector General Neil Barofsky.
The estimate - which the Treasury strongly disputes - was included in Mr. Barofsky’s second-quarter review of TARP on Monday.
“TARP does not function in a vacuum, but is rather part of the broader government efforts to stabilize the financial system,” said Mr. Barofsky in a statement ahead of his appearance Tuesday before the House Oversight and Government Reform Committee to discuss his report.
Extra costs include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp. (FDIC), $7.4 trillion in TARP and other aid from the Treasury, and $7.2 trillion in federal money to support Fannie Mae, Freddie Mac, credit unions, Veterans Affairs and other federal guarantee programs, he said.
The committee’s top Republican, Rep. Darrell Issa of California, said the size and scope of the government’s involvement in rescuing the struggling financial sector has reached a mind-boggling level.
“If you spent a million dollars a day going back to the birth of Christ, that wouldn’t even come close
(Excerpt) Read more at washingtontimes.com ...
Wow, we could disprove the whole government-financed economy and all we have to do is see what happens after govt spends literally every dime we don’t have.
I predict 3rd world socialist hell hole.
Don’t forget Medicare/Medicaid/Social Security unfunded liability
How many of us have idiot relatives that would read this and say something along the lines of ...
“Its only a paper loss”
or
“It’s only money”
Once our kids, our grandkids and their grandkids figure out what we’ve done to their future, I’ve got a feeling we’re all going to need some of “EasyKill” Emmanuel’s “end of life counseling.”
For comparison purposes, the U.S. Economy (GDP) is somewhere around $13T.
That means that TARP accounts for almost two years worth of work.
For everyone.
Blown.
Yes, if every house in the US turns out to be worth $0.00.
How likely is that?
Time to pass out the $0 bills.
Check out the Medicaid 'unfunded mandate'. I think it's $76 trillion.
I hope they have enough smarts & intelligence to go after the real culprits, 0bozo & his fellow demoRAT socialist-fascist-commie band of corrupt pigs!!!
Come on people this is total a scare tactic to get conservatives rattled.
This assumes that all assets under every program go down to a value of zero. You would have to completely stupid to believe that will happen.
Yep. More like 3rd world fascist hell hole, but whatever....
$24 trillion...
--- add in medicare/medicaid/social security --and we're 10,000 x screwed
--- add in Crap and Tax --- and we're 100,000 x screwed
--- add in DealthCare and we're 1,000,000 x screwed
--- add in the derivatives time bomb ---and we're 10,000,000???x screwed
All of THIS with the most virulently anti-conservative, anti-capitalist, anti-American, almost myopically racially fixated and exuberantly pro-regulation/Big Government Liar-In-Chief with 41+ radical leftist Czars and a Impotent, Progressive/Leftist Congress and....well, you get the picture....
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The list, ping
Don’t worry... inflation will save us.... huh?!?
We need a balanced budget amendment now more than ever. If not, they borrow our dollar into worthlessness and the Yuan could become the world currency.
That’s half a million bucks per family!!!! Maybe we should scrape together what cash we have and buy Paraguay.
Hmmm lets see the FDIC is already broke so where are they going to get the Trillion they talk about in the article?
http://www.chrismartenson.com/blog/fdic-broke-now-what/25274
And then there is this
Well I’m glad that the billionaires will have unlimited access to welfare and healthcare...
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