Watchdog: Government potential support of financial sector could approach $24 trillion

Watchdog: Government potential support of financial sector could approach $24 trillion

www.the33tv.com

WASHINGTON (AP) — The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a watchdog report said Monday.

Under the worst of circumstances, the report said, the government's maximum exposure could total nearly $24 trillion, or $80,000 for every American.

The figures are part of a tough new quarterly report to Congress from special inspector general Neil Barofsky, who accuses the Treasury Department of repeatedly failing to adopt recommendations aime

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You should read the entire article
It's worth it

The Govt. Really really really needs to get out of the market once and for all.

They have created the problem and are bent on prolonging it as much as trillions and trillions and trillions of dollars will allow them to do so.

Hyperinflation is how Hitler got into power.

End The FED
Make Treasury a million times more transparent
Also End the IMF

Barofsky’s estimates include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp., $7.4 trillion in TARP and other aid from the Treasury and $7.2 trillion in federal money for Fannie Mae, Freddie Mac, credit unions, Veterans Affairs and other federal programs.
www.bloomberg.com...

WOW

www.the33tv.com
(visit the link for the full news article)

[edit on 20-7-2009 by ModernAcademia]

Barofsky says Treasury's inaction means taxpayers have not been told what the financial institutions that have received assistance are doing with the money.

Barofsky's conclusion is contained in a quarterly report to Congress and in testimony he is prepared to give Tuesday to the House Oversight and Government Reform Committee.

"The very credibility of TARP (and thus in large measure its chance of success) depends on whether Treasury will commit, in deed as in word, to operate TARP with the highest degree of transparency possible," Barofsky said.

Anybody who wants to get a whiff of the Goldman-Sachs' plan for America should be watching this Tuesday.

We shouldn't kid ourselves any longer. The US Treasury is just a 'branch office' for the Supranational Bank Cartel that runs the Fed. It's the same in most industrialized nations where Central Banking based on fractional reserve lending is taking pace.

The monster that Jekyll Island birthed was just the American installment of their plan to create a planet full of debt serfs for their amusement and profit.

reply to post by ModernAcademia


total tyranny.

total outrage.

but hey, lets talk about Michael Jackson.