Monday, Jul 20, 2009
Denninger comments on latest estimate.
TWENTY-FOUR TRILLION DOLLARS?!: The Market Ticker
Barofsky said that while the TARP program that Congress passed amounts to $700 billion, the total federal government support since 2007 for the economy and the financial sector could reach a far higher figure of $23.7 trillion. The government has committed significantly more money through a variety of other federal agencies and programs
This is outrageous and threatens the very stability of our nation. How anyone can believe our banking system or indeed our nation's Treasury can survive the exposure of $24 trillion dollars, twice our GDP, is beyond me.
Posted by devo @ 08:35 PM (501 views) Add Comment
3 Comments
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1. devo said...
Some perspective on that figure...
$23.7 Trillion to Fix Financial System?
"The potential financial commitment the American taxpayers could be responsible for is of a size and scope that isn't even imaginable," said Rep. Darrell Issa, R-Calif., ranking member on the House Oversight and Government Reform Committee. "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."
http://www.abcnews.go.com/Business/Politics/story?id=8127005&page=1
2. quiet guy said...
So how long before we start reading financial articles containing the word 'quadrillion' ?
(probably with the words 'Goldman Sachs' in it as well)
3. Ndg said...
Why the surprise?
The $700 billion TARP is a CREDIT account limit. Administrated and financed by the Federal Reserve.
The fact the account has only 'rolled' around 33 times since it's inception is the real surprise.