Look a green shoot!

Posted by Ray on July 20, 2009 under Main | Be the First to Comment

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

That piece of info fills me with warmth and joy. That is just incredible news, I thought the estimate would be $10-13T, but this blew me away. So, we are on the hook for 140% of our GDP for bailouts and we shouldn’t be mad that Goldman and others are raking in the money now?

All of those firms, including Goldman, would have been toast so may be they should have to pay us interest for awhile. Yes, all of the debt we have issued on top of the TARP money pit will have no impact on the dollar or the economy.