This gets more and more depressing.
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.
……”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.”
Let’s hope there’s enough “Blue Dog” democrats to help stop this fucking train wreck:
The Blue Dogs are moderate to conservative Democrats who represent historically Republican turf. They advocate low taxes and restraint in government spending, and the Blue Dog Coalition is particularly spooked about the trillion dollar price tag of the president’s health care proposal and a ballooning of the federal deficit by $236 billion. They dislike tax increases which would soak the rich and feel that Democratic leaders are racing to okay a bill by the August recess.
“It’s clear in the fact that they don’t have the votes with the language they’ve got now,” said fellow Blue Dog Rep. Allen Boyd, D-Fla.
Moderate-conservative democrat…I thought that was an oxymoron.
In anycase, if Obama succeeds with his socialist ambitions, all American taxpayers will suffer the consequences, regardless of income bracket.
Way to go, Obama tools. You share the blame for the destruction of the United States economy, national security, and world standing. By ‘world standing’ I don’t mean the “we are so sorry for being the awful, evil United States of America and would you pretty please forgive us”. I mean the kind of standing that makes it clear in no uncertain terms, that we are a tolerant nation unless you fuck with us, then we will fuck back. That we will defend our country against all enemies; foreign and domestic. That kind of standing.
2012 can’t come soon enough.