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Here are some staggering statistics about how much money has been pledged on behalf of the U.S. taxpayer...and it may be worse than you realized. This graphical application from Bloomberg delineates the expenditures and promises (save for the latest guarantee to Citigroup). According to this article; each man, woman and child is on the hook for a cool $24k.
The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.
When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and
Treasury Secretary Henry Paulson acknowledged the need for transparency and
oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.
Bernanke’s Fed is responsible for $4.74 trillion of pledges, or 61 percent of the total commitment of $7.76 trillion, based on data compiled by Bloomberg concerning U.S. bailout steps started a year ago.
“Too often the public is focused on the wrong piece of that number, the $700 billion that Congress approved,” said J.D. Foster, a former staff member of the Council of Economic Advisers who is now a senior fellow at the Heritage Foundation in Washington. “The other areas are quite a bit larger.”
It should be noted that all of this money has not been distributed yet, and much is in the form of loans that theoretically should be paid back. However, I doubt we are anywhere near the end of the road on this, and there are plenty of new promises on the horizon.
5 comments:
While we don't have many options here, and the ramifications of failure are great, the reality is that we (the taxpayers) are being taken for a ride.
The powers that be have decided to wash away all the sins of the greedy and place the burden of salvation upon our children.
This is the highest point of immorality, corruption and greed in the history of the United States.
Highest point of immorality, corruption and greed in the history of the U.S.? Hhhhmmm, perhaps you forgot about that little black eye called slavery.
I think immorality, corruption and greed are by-products of capitalism and unfortunately always present in a capitalistic society. I would say our dire financial straits are a reflection of immorality, greed, etc. on the grandest numerical scale, not necessarily the greatest heigh
I would say that immorality, corruption, and greed are hardly unique to capitalism, but instead an unfortunate part of the human experience.
Quite honestly Chief, that's a typical Tuesday night in my apartment...by myself...I won't say more. :-D
The "purple leisure trio"?
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