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Cost Of Bailout Hits A Whopping $24 Trillion Dollars

Views: 6,360


That Means Every American Owes $80,000 + Interest and we get NOTHING for it.

By Paul Joseph Watson
Prison Planet.com


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 $200,000 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.


 

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Cost Of Bailout Hits A Whopping $24 Trillion Dollars | 2 comments | Create New Account

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Authored by: Allen on Friday, October 30 2009 @ 09:57 AM EDT

I agree with the basic points made in this article but question two statements.

1. Paulson may have threatened martial law but he was only passing along a threat made by Bush Jr.  It is my understanding that Junior made that threat in person on the night he held congress in special session and addressed them behind closed doors.

2.  I've been a big fan of Ron Paul too.  As a mater of fact, my first post and question to this group started with "What About Ron Paul".  Today I think some things just do not make sense.  Watch the attached video link of freshman house rep. Alan Grayson as he questions Elizabeth Coleman, Inspector General to the Federal Reserve.  The room is empty except for Grayson, Coleman and their aids.  Where was Mr. Paul when that House hearing took place?  KICK THEM ALL OUT!http://dailybail.com/home/there-are-no-words-to-describe-the-following-part-ii.html


Authored by: BMcDonald on Friday, October 30 2009 @ 10:52 AM EDT

Make no mistake, Paulson knows exactly what he's doing.   He was on of the primary architects of the entire financial sector criminal operations.   George Bush only did what he was told to do by the bankers.  Virtually everyone in our government does what the global criminal corporate/banking cartels tell them to do.

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