Actual cost of TARP bailouts: $2.9 trillion
- March 31, 2009
- News, Politics
- 2 Comments
Forget $700,000,000,000. The real cost of the government’s TARP bailout rescue plan? $2,900,000,000,000. (That’s 2.9 trillion for my readers in Oklahoma, or more than 4 times the original figure.)
The special inspector general appointed to oversee the bailout package, the Troubled Asset Relief Program (TARP), said that the $700 billion does not include the additional financing and associated programs run by the Federal Reserve and Federal Deposit Insurance Corporation. Once it is all added together, the $700 billion sum balloons to $2.9 trillion in taxpayer commitments. …
“$2.9 trillion is just short of what the entire federal government spent in fiscal year 2008,” said Senate Finance Committee chairman Max Baucus (D-Mont.). “It’s like having a second United States government budget, dedicated solely to saving the financial system. And that is truly surreal.”
Surreal doesn’t even begin to describe it, if you ask me.
Previously:
$700 Billion bailout ‘letting’ the banks win?
‘Dude, where’s my $700 billion?’
Second half of bailout: How ’bout a little oversight this time?
US Bancorp CEO rips TARP, promotes faith
October 4, 2010, 12:46 am
I think you are being dishonest and you are part of the problem with the current status of the county.
I believe the actual cost of h TARP was about 50 billion and not the insane number you have cooked up. So
Please stop polluting the minds of naive people with this garbage.
On the other hand I hope that this is just outdated and you intend on updating it withe the true figures.
Thanks.
October 4, 2010, 2:00 am
1. In case you didn't notice, this blog post was from March 31, 2009, which is roughly a year and a half ago. If you're looking for more recent figures, I'm pretty sure there are other websites on the Internet that could give you that. I'm not going to go back update this post or any other old posts.
2. I didn't make this number up. That number came from Neil Barofsky, the inspector general overseeing the TARP program. Further, while the quote I posted above came TheHill.com (which I kindly linked to), other news agencies reported the same information at the time, including the Wall Street Journal. If you have a problem with any of those companies' reporting, go bother them.
3. As for being "part of the problem with the current status of the country", I think you're giving me WAY too much credit.