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Cost Of US Bailout Hits A Whopping $24 Trillion Dollars

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Flashback: Timothy Geithner: travelling bond salesman | Paulson Threatened Great Depression, Food Riots To Get Bailout Bill Passed | Record quarterly profits and bonuses: Goldman Sachs makes out like a bandit on taxpayer’s dime | Budget officer ‘can’t tell’ if stimulus plan working | G8 leaders see no early end to stimulus | Second wave of economic crisis coming, international regulation necessary Brown warns| Goldman Sachs: The Great American Bubble Machine | Top Senate Democrat: bankers “own” the U.S. Congress | Wall Street’s Big Takeover | Congress Accuses Federal Reserve Bagman Of Bailout “Bait and Switch” During Angry Hearing | Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring, Not Lending | Behind the panic: Financial warfare over the future of global bank power | Representatives Were Threatened With Martial Law In America Over Bailout Bill | Why Paulson’s Plan is a Fraud | Goldman-Sachs Alumni Hold Reins of Financial System

Paul Joseph Watson, PrisonPlanet.com
July 20, 2009

$80,000 for every American

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.

As we have repeatedly highlighted, the destination of some $2 trillion in TARP funds was the subject of a lawsuit filed by Bloomberg late last year after the Fed refused to disclose the recipients. The suit is still ongoing as Bloomberg attempts to discover names of private financial institutions that received the money.

The American people will ultimately pick up the tab as their dollar is devalued because the Fed lends the money from its own balance sheet or essentially just prints more money, as a San Francisco Chronicle article explained last year.

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.

Meanwhile, Henry Paulson, one of the chief architects of the bailout and the man who committed financial terrorism by threatening the Congress with martial law and food riots if they didn’t pass the initial TARP package, brazenly pockets $200 million in Goldman Sachs profits tax free while handing out billions in ill-gotten gains to his bankster buddies, all this after he pulled a bait and switch by changing the entire focus of the bailout from buying up toxic debt to giving money directly to financial institutions.

We dread to think what the bailout figure will be in another eight months. Will it triple again to $70 trillion dollars? How about $100 trillion dollars?

The only thing that can bring an end to the wanton looting is Ron Paul’s bill to audit the Fed, which has received overwhelming support in the House but is being blocked by the bought and paid for traitors in the Senate who would rather see a continuation of the grand larceny rather than real accountability and transparency.

Watch a CNBC discussion of the $24 trillion figure below.

Source | See also under Economics: Ottawa considers culling 20% of pork industry | Timothy Geithner: travelling bond salesman | Paulson Threatened Great Depression, Food Riots To Get Bailout Bill Passed | Ontario to subsidize electric cars as auto-sector boost | Record quarterly profits and bonuses: Goldman Sachs makes out like a bandit on taxpayer’s dime | Fed ‘Independence’ or Fed Secrecy? | Investors in alleged Ponzi scheme fear millions gone | Medvedev Unveils “World Currency” Coin At G8 | Nationalized General Motors emerges from bankruptcy after 40 days | Headed to National Socialism | Budget officer ‘can’t tell’ if stimulus plan working | G8 leaders see no early end to stimulus | Second wave of economic crisis coming, international regulation necessary Brown warns | US Senate Blocks Bill To Audit The Fed As Government Prepares For Second Round Of Looting | Goldman-Sachs: Pilfered trading code could be used to ‘manipulate markets’ | Nationalized General Motors gets go ahead from US judge | Taibbi: NYSE ends transparency to protect Goldman Sachs | More Canadians in arrears on credit payments | U.S. sheds 467,000 jobs in June | Canada to match U.S. climate change rules | The search for the mint’s missing gold | US Congress Passes the 1,200-page Climate Bill that it was not allowed to read | John Manley to ‘bridge divide’ between business and government as new CCCE chief | China calls anew for super-sovereign currency | Central banks to take off ‘training wheels’ | Goldman Sachs: The Great American Bubble Machine | Fed mulls slowing down bailouts as fears of inflation are raised | Is the World Bank too optimistic? 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9 Responses to “Cost Of US Bailout Hits A Whopping $24 Trillion Dollars”

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  8. statism watch » Blog Archive » Consumer debt loads are the new concern Says:

    [...] is ‘a Ponzi scheme, an inside job’ | Global demand for gold investment soars 38% in past year | Cost Of US Bailout Hits A Whopping $24 Trillion Dollars | Timothy Geithner: travelling bond salesman | Record quarterly profits and bonuses: Goldman Sachs [...]

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    [...] is ‘a Ponzi scheme, an inside job’ | Global demand for gold investment soars 38% in past year | Cost Of US Bailout Hits A Whopping $24 Trillion Dollars | Timothy Geithner: travelling bond salesman | Record quarterly profits and bonuses: Goldman Sachs [...]