U.S. Bailout Costs May Reach $23.7 Trillion, TARP Inspector Says
 

its not money spent. but the problem is that US taxpayer was on the hook
for around 12T as of yesterday knowledge to the public (not money spent too - only 1-2T for spend, but in case of big troubles it could easily double or triple), while the truth is he is on the hook for almost 24T.
good luck guys.

http://www.bloomberg.com/apps/news?p...d=aQEI97EY.fs0

July 20 (Bloomberg) -- U.S. taxpayers may be on the hook for as much as $23.7 trillion to bail out financial companies, according to Neil Barofsky, special inspector general for the Treasury?s Troubled Asset Relief Program.

Barofsky made the estimate in testimony prepared for a congressional hearing tomorrow.

some more follow-up:

http://market-ticker.org/archives/12...-DOLLARS!.html
TWENTY-FOUR TRILLION DOLLARS?!
Ex-freaking-scuse me?

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.

WHAT?!

$23.7 trillion dollars?

Where was the Congressional appropriation for that?

This is blatantly unconstitutional folks. We're talking about nearly double the nation's GDP in debt commitments and more than 33 times the amount authorized by Congress.

Oh, and it gets worse:

Meanwhile, Barofsky's office has opened 35 criminal and civil investigations into issues including suspected accounting fraud, securities fraud, insider trading, mortgage servicer misconduct, mortgage fraud, public corruption, false statements and taxes.

That's right, we have 35 criminal investigations connected to this nearly $24 trillion dollars of largesse too, and that's only what Mr. Barofsky knows about. Anyone care to gander about what's hidden from him? Oh wait - we got a problem there too:

"Treasury’s continued unwillingness to provide basic transparency despite the many recommendations of SIGTARP and Congress and the repeated demonstration that meaningful data from TARP recipients can be gathered and easily disseminated is unacceptable," said a memo prepared by Republicans on the oversight committee.

Hello Richard Nixon! Bailoutgate anyone? Obstruction?

Shall we continue?

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.

We most certainly cannot, and when (not if) our creditors and lenders, including China and Japan, wise up to what's going on here the game will quite literally be over, perhaps as soon as "right now."

anyone with half a clue knew that the $700 billion was a made up number to fool the public..

Here's where that number came from:
http://latimesblogs.latimes.com/wash...lout-plan.html


Other than Bloomberg and a few others, the mainstream media still, to this day, talk about the 700 billion... a number that as long been irrelevant...

if you take 12 trillion dollars and divide that by 300 million. Approx number of people in the US. you have 40k PER PERSON.

That means that my family would have gotten 120k had they given it to us.

We would have purchased
1 new car
New clothes
toys for my son
and banked about 60k or more.

But hell that would have been spending.. Much better to give the money to the banks and businesses so they can keep them for a rainy day or to give it to a few dozen people.

thats just insane