Monday, July 20, 2009

24 Trillion Swindle

Cost Of Bailout Hits A Whopping $24 Trillion Dollars

"According to the watchdog overseeing the federal government’s financial bailout program, the full exposure since 2007 amounts to a whopping $23.7 trillion dollars, or $80,000 for every American citizen.
The last time we were able to get a measure of the total cost of the bailout, it stood at around $8.5 trillion dollars. Eight months down the line and that figure has almost tripled.
The $23.7 trillion figure comprises “about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve,” according to the Associated Press.
In testimony which will be delivered to the House Oversight and Government Reform Committee tomorrow, Neil Barofsky, the inspector general for the TARP, will tell Congress that “the Treasury Department has repeatedly failed to adopt recommendations aimed at making the TARP program more accountable and transparent.”
According to Barofsky, taxpayers are in the dark as to who has received the money and what they are doing with it."
"Wages will not keep pace with inflation and if we add to the equation the raft of new taxes being introduced by the Obama administration, the consequences are clear – another lowering of the living standard for millions of middle class Americans."

"A soon-to-be released report by special inspector general Neil Barofsky finds:
Many of the banks that got federal aid to support increased lending have instead used some of the money to make investments, repay debts or buy other banks
It is not clear whether the report will also disclose the banks' use of the bailout money to pay executives fat bonuses which they used to buy gold toilets and prostitutes, and to lobby Congress to stop any meaningful reform."


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