just one
Posted on 7/20/2009, 6:50:36 PM by crosstimbers
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."
A couple of market technicians have noted certain "patterns" in the market that have potential downside targets of zero. That sort of thing normally results in a loud guffaw from me - even though I'm bearish I'm not that bearish - I couldn't imagine anything short of global thermonuclear war, ala "Joshua", that could lead to such an outcome.
Well I think I just found something purely economic that could lead to that outcome, and its right here.
Congress is all we have left - they need to take control of this problem right here and now, revoke the authorization for this ersatz spending commitment immediately, and appoint a whole passel of special prosecutors to start issuing indictments to everyone involved in this outrage.
We need cops and we need 'em right now before our creditors decide to cut off our credit card and destroy this nation's economy and government - a decision that they could make literally at any time.
A pile of greenbacks the size of Jupiter ought to cover it.
What does a “trillion dollars” mean?
To comprehend “a trillion dollars,” consider how long it would take one person – you - to make a trillion dollars while working tax free and continuously (24 hours a day, 7 days a week) at a salary of $1 per second – that’s $3600 per hour.
Considering leap years, your tax free $3,600 per hour job would gross you a trillion dollars after 31,688 sleepless years.
At a more realistice $20 per hour, your tax free trillion dollar mark would come after 5,703,855 sleepless years.
Is this that “derivatives” thing?
Sounds like parts of the financial system need to head to bankruptcy court.
This is amazing information — we seriously need to do something quick before the bell tolls. Is it a good idea to call our representatives and request that they implement this widespread prosecution task force? Hopefully the task force isn’t stacked by the Speaker of the House or the President himself.
How many zeros in a trillion ?
Invest in Printing Press Futures.
No. The "derivatives" thing was the notional value of the option contracts and doesn't really mean anything unless the contract blows up.
The money they are talking about here is the total of future commitments our government has made. These are future expenditures that to which we have committed ourselves.
Just when you think Deninger gets it, he writes something so bone dense stupid as this....
Oh, is that all?
The amount doesn't really matter. We'll be back in the middle ages by the time it hits 5 trillion.
Yup. In fact, State Sovereignty is all we have left. The three branches of the federal government cannot/will not help us now.
just one
And the fed created this money from thin air.This is why the government wants to control everything because the international bankers are pressuring the government.They deserve nothing more than a cozy 10x10 prison cell for fraud and extortion along with Bernie.The US government was a fool to get in bed with these people/parasites in 1913.This should burn every American up that so called politicians have led us down the road to economic destruction and massive debt.
Barney Frank sure is singing a new tune today on yahoo tech ticker so he can save his little job.He speaks out from 2 sides of his mouth and his backside to make 3 sides.Checkmate Barney!
For those of us not as enlightened as you, what’s “stupid” about it?
You sir, are an alarmist. One trillion dollars could be quickly and easily raised in one short year by a mere 50,000,000 member workforce laboring normal hours while being paid an annual wage of $40,000 and taxed at the scandalously low rate of 50%.
Hey - it'd be for the chilruns, don'tchanknow. ;0)
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