Tie this one with yesterday's "Why Ben Bernanke's Incomplete 'Exit Strategy' Could Lead to a Decade-Long Downturn" and you should get the same sick feeling I have. Who's to know the truth? "Liars figure and figures lie" - MBC (http://www.moneymorning.com/2009/07/30/bernankes-exit-strategy-2/)
http://www.time.com/time/nation/article/0,8599,1911771,00.html
"...Americans always knew the Troubled Asset Relief Program (TARP) was going to be expensive. But the program's special inspector general, Neil Barofsky, thinks the U.S. government has bitten off more than it bargained for: on July 20, his office released a report estimating the $700 billion effort to shore up the nation's wobbly banking system could end up costing taxpayers as much as $23.7 trillion, due to estimates for programs offered by the FDIC, federal money for Fannie Mae, Freddie Mac and other institutions on top of $7.4 trillion in TARP and other Treasury aid. A spokesperson for the Treasury Department quickly called the numbers flawed, making this the latest in the back and forth between Barofsky's oversight office — which currently has 35 ongoing criminal and civil investigations of suspected accounting, securities and mortgage fraud — and the Treasury Department over the handling of TARP disbursements..."
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So we have another $5 Trillion (More?) not included in our debt estimates! This IS actual debt. This should be brought up to all levels of Congress. We cannot recover economically with this level of debt. This is being swept under the rug but it won't and can't be ingnored by Wall Street. What did dad always say, "dance the tune you will pay the piper".
ReplyDeleteI think it's very telling the Administration has delayed the midsummer budget report. They based budget on something around 8% unemployment and now it'll probably be over 10%. The budget deficit is predicted to total $1.84 trillion, more than four times the size of last year's record. Got to leave you scared.
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