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U.S. Bailout Costs May Reach $23.7 Trillion, TARP Inspector Says – Bloomberg.com
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.
Over and over again, many of us wondered exactly how immense the bail outs really were. If this testimony is correct, it is rapidly approaching the value of the derivative contracts (the capitalized part which is 10% of the size of the monster which is around $550 trillion). As I suspected a year ago, we are the guarantors of the entire losses of the Derivatives Beast. This is because the big 5 banks hold 90% of these contracts and about 90% of Congress and the Presidency.
.
This political control was gained via spending vast sums of money not just on campaign funds but also hiring anyone working inside of the Treasury or Federal Reserve and letting all other workers know there were great rewards if one is cooperative and careful. Also, the noxious ‘paid speeches’ offered to all retired politicians, especially ex-Presidents, means the top bankers have turned all our ‘representatives’ as well as regulators into employees of these businesses.
.
This is why it is hyper-important to clean up these paths of corruption. Foisting the entire mess of the derivatives bets, bets that were unregulated and paralegal, is a crime. Namely, this is TREASON. Destroying our economic future so the top international bankers can recapitalize themselves and protect themselves from derivative bets gone sour: this is a fundamental betrayal of our nation.
(supkis)
U.S. Bailout Costs May Reach $23.7 Trillion, TARP Inspector Says – Bloomberg.com
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.
Over and over again, many of us wondered exactly how immense the bail outs really were. If this testimony is correct, it is rapidly approaching the value of the derivative contracts (the capitalized part which is 10% of the size of the monster which is around $550 trillion). As I suspected a year ago, we are the guarantors of the entire losses of the Derivatives Beast. This is because the big 5 banks hold 90% of these contracts and about 90% of Congress and the Presidency.
.
This political control was gained via spending vast sums of money not just on campaign funds but also hiring anyone working inside of the Treasury or Federal Reserve and letting all other workers know there were great rewards if one is cooperative and careful. Also, the noxious ‘paid speeches’ offered to all retired politicians, especially ex-Presidents, means the top bankers have turned all our ‘representatives’ as well as regulators into employees of these businesses.
.
This is why it is hyper-important to clean up these paths of corruption. Foisting the entire mess of the derivatives bets, bets that were unregulated and paralegal, is a crime. Namely, this is TREASON. Destroying our economic future so the top international bankers can recapitalize themselves and protect themselves from derivative bets gone sour: this is a fundamental betrayal of our nation.
(supkis)
Well now, let's put the blame where it really belongs... on the $$$ that bought the politicians and told them to sell us out.
The web of derivatives was built by the energy and creativity of free-market capitalism under the not al all watchful eye of assorted laissez faire regulators. But that's all water over the dam. The question now is how best to manage the mess they have left us. One would like to minimize prospects for further damage while maximizing prospects for eventual recovery. Some may take this to be merely a matter of waving the right Magic Wand. Those with a better developed sense of reality may tend to have a somewhat different view.
Politicians are doing what the system allows for, you should look at their constituents as well (large businesses that funnel them money to push horrible policies).
U.S. Bailout Costs May Reach $23.7 Trillion, TARP Inspector Says – Bloomberg.com
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.
Over and over again, many of us wondered exactly how immense the bail outs really were. If this testimony is correct, it is rapidly approaching the value of the derivative contracts (the capitalized part which is 10% of the size of the monster which is around $550 trillion). As I suspected a year ago, we are the guarantors of the entire losses of the Derivatives Beast. This is because the big 5 banks hold 90% of these contracts and about 90% of Congress and the Presidency.
.
This political control was gained via spending vast sums of money not just on campaign funds but also hiring anyone working inside of the Treasury or Federal Reserve and letting all other workers know there were great rewards if one is cooperative and careful. Also, the noxious ‘paid speeches’ offered to all retired politicians, especially ex-Presidents, means the top bankers have turned all our ‘representatives’ as well as regulators into employees of these businesses.
.
This is why it is hyper-important to clean up these paths of corruption. Foisting the entire mess of the derivatives bets, bets that were unregulated and paralegal, is a crime. Namely, this is TREASON. Destroying our economic future so the top international bankers can recapitalize themselves and protect themselves from derivative bets gone sour: this is a fundamental betrayal of our nation.
(supkis)
You have just now come to this realization? Country has been sold out going back to the Reagan years....
but apparently this great nation was built solely on the back of capitalism and greed
Really?
I find that a odd statement.
Power is what builds a nation or destorys it.
If government has limited power, greed and money can't be used to do harm.
If government followed it's design of limited power we wouldn't have these issues.
Also to borrow money and destory the value of peoples purchasing power seems like a unethical thing to do.
In fact if the government followed its limited powers in the constutution and we looking at the role of govenrment it wouldnt create programs like Fannie Mae, Mac which clearly put socialism and big government to the front of the line. This has been going on with our govenrment for a while and back to FDR with the new deal in backing loans, and social programs with power it doesnt have.
The FED and government work together to expand government to drive up debt and interest which you pay in taxes collected via the IRS.
So it seems to me government is always finding new ways to borrow money it doesnt have for wars, and social programs while the America tax payer is screwed and government then tells you they will fix it. How? By borrowing more money they dont have and just completing the cycle.
These is the people we trust?
I trust microsoft to balance a budget and pay its employees before I trust my government to run a lemonade stand.
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Blame someone else for crooked politicians
