U.S. Bailout Costs May Reach $23.7 Trillion, TARP Inspector Says

Discussion in 'Wall St. News' started by ASusilovic, Jul 20, 2009.

  1. July 20 (Bloomberg) -- U.S. taxpayers may be on the hook for as much as $23.7 trillion to bail out financial companies, according to Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

    Barofsky made the estimate in testimony prepared for a congressional hearing tomorrow.


    ROFLMAO ! :D
  2. So that means that if you have a family of 4, your families share of that is 23.7 trillion is $316,000. Looks like they found a way to make you pay for that that house you walked away from anyway!

    Dont worry all you single guys and girls...your share is only $79,000, but looks like you can say goodbye to that porche 911.
  3. Now we know what they meant when they said "contained" :cool:
  4. No worries - the banks can offer a teaser rate sub prime deficit lending to american consumers to pay off their 79,000. then they can package the loans, insure them ficticiously, sell the coupons and use the cdo's as collateral to borrow 40 to 1. Bonuses all around!!!
  5. greddy


    We have a President that has a strong sense
    of how to take the US to the next level.

    He is trying to increase taxes in a recession (especially
    on small business). Heck, capital gains tax is evil too,
    so just tax hell out of that too. All of these should
    help redistribute wealth so that we can all share the pain
    together. Let us all hold hands. (except for
    GS, which plays with different rules).

    We also have a strong VP like Biden who says
    intelligent things like "We need to spend
    more money to avoid bankrupting the country".

    This really makes sense to me. In order to get
    out of a recession, increase consumption by
    printing more money. The Fed has unlimited

    Nothing to worry about.
  6. Most likely his numbers are understated. I don't think it's funny. Sorry.
  7. the1


    No, it's not funny. It's quite sad. When I look at my 2 children I wonder what their life is going to be like. This debt can never be repaid. What are they going to do? Just wipe the slate clean and call "do-over?" I very seriously doubt that.

  8. You can always emigrate, relinquish your US passport and offer your kids an independent expat lifestyle without Uncle Sam's fingers in your and your families' pockets.
  9. I call BS on this $23.7 TRILLION number for the simple fact that many of the programs are backed by collateral and the "headline" number represents the gross, AND NOT NET EXPOSURE that the government could face.

    Moreover, no one has even suggested that the full amount, in fact, will be used.
  10. S2007S


    $23 Trillion is nothing, I dont see one person worrying about how much these bailouts are costing the taxpayers. The more they spend on these bailouts the better it is for our economy going forward, how else are we going to prop the consumer back up to spend more and keep the economy going. This is the best debt ridden economy in the world.
    #10     Jul 20, 2009