Watchdog: Financial Bailout Support Could Reach $23.7 Trillion

[Zoom-boing]

The total price tag for federal support stemming from the financial crisis could reach $23.7 trillion in the long run, the government's top bailout watchdog says in a new report to Congress.

Neil Barofsky, the inspector general for the Troubled Asset Relief Program, plans to deliver his report Tuesday to the House Oversight and Government Reform Committee.

The $23.7 trillion figure is admittedly a high-ball number and reflects the total potential gross exposure, but Barofsky in his prepared testimony notes that the TARP -- which started as a $700 billion bailout -- has expanded well beyond that.

"TARP has evolved into a program of unprecedented scope, scale and complexity. Moreover, TARP does not function in a vacuum but is rather part of the broader government efforts to stabilize the financial system," the report says.

"The total potential federal government support could reach up to $23.7 trillion," the report estimates, factoring in commitments from "dozens of programs" implemented throughout the federal government since 2007.

In supporting documentation obtained by FOXNews.com, the inspector general's office explains that the $23.7 trillion spans about 50 "initiatives or programs" created by federal agencies in the wake of the economic crisis.

The estimate covers commitments that could come from programs at the Federal Reserve, Treasury Department, Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Federal Housing Administration, the Department of Veterans Affairs and other agencies.

It notes that the total "financial exposure" of TARP and related programs alone could reach $3 trillion.

While not a firm or official figure, the estimate has the potential to send lawmakers into sticker shock.

"The potential financial commitment the American taxpayers could be responsible for is of a size and scope that isn't even imaginable," Rep. Darrell Issa, ranking Republican on the oversight committee, said in a written statement. "If you spent a million dollars a day going back to the birth of Christ, that wouldn't even come close to just $1 trillion -- $23.7 trillion is a staggering figure."

In the report, Barofsky also says that the Treasury Department has "repeatedly failed" to adopt recommendations that his office believes will bring more transparency and accountability to the execution of the bailout.

Watchdog: Financial Bailout Support Could Reach $23.7 Trillion - Political News - FOXNews.com


Holy crap.

 

[xsited1]

The Fed will just print more money. Paper's cheap, right?

 

[Zoom-boing]

The Fed will just print more money. Paper's cheap, right?

Bah . . . I'll just get my kids to draw me some. Same difference.

 

[Modbert]

The Fed will just print more money. Paper's cheap, right?

[ame=http://www.youtube.com/watch?v=WlBiLNN1NhQ]YouTube - Always Look On The Bright Side of Life[/ame]

 

[Baruch Menachem]

Well, it worked so well for the Germans back in the 20's, didn't it?

 

[MaggieMae]

The total price tag for federal support stemming from the financial crisis could reach $23.7 trillion in the long run, the government's top bailout watchdog says in a new report to Congress.

Neil Barofsky, the inspector general for the Troubled Asset Relief Program, plans to deliver his report Tuesday to the House Oversight and Government Reform Committee.

The $23.7 trillion figure is admittedly a high-ball number and reflects the total potential gross exposure, but Barofsky in his prepared testimony notes that the TARP -- which started as a $700 billion bailout -- has expanded well beyond that.

"TARP has evolved into a program of unprecedented scope, scale and complexity. Moreover, TARP does not function in a vacuum but is rather part of the broader government efforts to stabilize the financial system," the report says.

"The total potential federal government support could reach up to $23.7 trillion," the report estimates, factoring in commitments from "dozens of programs" implemented throughout the federal government since 2007.

In supporting documentation obtained by FOXNews.com, the inspector general's office explains that the $23.7 trillion spans about 50 "initiatives or programs" created by federal agencies in the wake of the economic crisis.

The estimate covers commitments that could come from programs at the Federal Reserve, Treasury Department, Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Federal Housing Administration, the Department of Veterans Affairs and other agencies.

It notes that the total "financial exposure" of TARP and related programs alone could reach $3 trillion.

While not a firm or official figure, the estimate has the potential to send lawmakers into sticker shock.

"The potential financial commitment the American taxpayers could be responsible for is of a size and scope that isn't even imaginable," Rep. Darrell Issa, ranking Republican on the oversight committee, said in a written statement. "If you spent a million dollars a day going back to the birth of Christ, that wouldn't even come close to just $1 trillion -- $23.7 trillion is a staggering figure."

In the report, Barofsky also says that the Treasury Department has "repeatedly failed" to adopt recommendations that his office believes will bring more transparency and accountability to the execution of the bailout.

Watchdog: Financial Bailout Support Could Reach $23.7 Trillion - Political News - FOXNews.com


Holy crap.

That "announcement" assumes the worst case scenario of everything that can go bad does go bad, and all at once, creating the perfect storm. It's a fictional assumption based on a plethora of existing separate scenarios. But I'm sure FOX will carry it in full, with all their commentators weighing in this evening, so stay tuned for their prediction of THE END TIMES.

 

[Mr.Fitnah]

We are bankrupt already.
we cant service the debt from starbucksm walmart and car lease payments,

 

[Toro]

I'll be off to the Caymans...

 

[Sinatra]

24 TRILLION!!!!!!!!!!!!!!!!!!!!!!!

Good God.

 

[MaggieMae]

Well, it worked so well for the Germans back in the 20's, didn't it?

And the Confederacy during the Civil War.

That brings me to a point I'm sure smart folks who post here know in their hearts to be true--and that is that the entire global economy is not run by any tangible resource such as gold and silver, but by paper and wire transfers. So the real "value" of any one nation can't be determined by collateral alone.

 

[MaggieMae]

We are bankrupt already.
we cant service the debt from starbucksm walmart and car lease payments,

In the true sense of the word, we've been "bankrupt" for decades.

 

[sealybobo]

24 TRILLION!!!!!!!!!!!!!!!!!!!!!!!

Good God.

Such dishonest fucks.

One Penny Sheet » Federal Reserve Cannot Account for $9 Trillion video

All started before Obama.

 

[Mr.Fitnah]

The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.

 

[Zoom-boing]

24 TRILLION!!!!!!!!!!!!!!!!!!!!!!!

Good God.

Such dishonest fucks.

One Penny Sheet » Federal Reserve Cannot Account for $9 Trillion video

All started before Obama.

Why don't you finish your illogical sentence?

All started before Obama therefore, it's ok that Obama continues the pattern.