Total Bailout Cost = $23.7 Trillion Dollars

This is a WTF number:

“U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

“TARP has evolved into a program of unprecedented scope, scale and complexity,” Barofsky said in testimony prepared for a hearing tomorrow before the House Committee on Oversight and Government Reform.

Costs 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, he said.

Wow . . .


Originally published at The Big Picture and reproduced here with the author’s permission.

2 Responses to "Total Bailout Cost = $23.7 Trillion Dollars"

  1. Guest   July 20, 2009 at 6:31 pm

    I am wondering a year from now or 2 years from now if all the smart people will be still saying the right things were done. Back in Jan. of this year the authors on this site said the stimulus package was the best route to go – now a different tune is being heard. How did the congress approved 700 to 800 billion TARP become 7.4 trillion?

  2. Guest   July 21, 2009 at 11:45 am

    I knew Barry couldn’t resist latching on to this sensationalist tidbit. Barofsky’s job was to create an absolute doomsday scenario in which nothing worked. Nothing was paid back and everything absolutely collapsed.We’ve already shown that this will not be the case. And if it is, you won’t be concerned about the bill anyway.