TARP Treasury Secret 24 Trillion Dollar Question

by Gayle Plato

Another Inspector General best get ready to ‘retire’ as The Hill  is reporting that Neil Barofsky, an IG overseeing the workings of the asset relief nightmare known as TARP, says the United States is being kept in the dark about the bailout.  He has repeatedly recommended that the US Treasury provide more transparent actions, but to no avail.

I’ve written at Sonoran Alliance  of the quantitative easing going on, the credit-default swaps loss backing scams of AIG as related to Goldman Sachs.  Today’s news is nothing less than an economic global killer if this turns out to be true. Our Treasury Department along with apparent complicity of the Federal Reserve Bank, has committed bailout funds of exponentially more amounts than approved by Congress.  If the IG is accurate,  this is completely unconstitutional and we are not obligated to this debt commitment that’s twice the size of the Gross Domestic Product (GDP).

We, along with teetering European Central Banks, the International Monetary Fund working overtime to bailout entire countries, and the Chinese paper torture of the often crooked and manipulative Chinese fiscal practices,  cannot back the dollar on faith.  The deus ex machina Obama and his economic advisers are losing all credibility. We then pay the price.

“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.”
(http://thehill.com/leading-the-news/watchdog-treasury-has-failed-to-adopt-bailout-safeguards-2009-07-20.html)


Comments

  1. I think I just threw up a little in my mouth… yup, definitely…

  2. Barofsky just came out today explaining the number is more like $3 trillion and that is probablya high estimate. Also, Gayle has no understanding of why the Chinese continue to buy dollars.

    http://money.cnn.com/2009/07/22/news/economy/bailout_watchdog_barofsky/?postversion=2009072210

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