CNSNews has a rather frightening report on the Special Inspector General for the Troubled Asset Relief Program’s report to congress.<\/p>\n
In short the report says that although Congress limited the Treasury Dept. to spending only $700 billion on TARP\u00a0 the program’s partnerships with the Federal Reserve and the Federal Deposit Insurance Corporation could bring the total cost 2.9 trillion:<\/p>\n
(CNSNews.com) \u2013 For many Americans, the $700-billion financial bailout was a tough pill to swallow, but the cost to taxpayers could reach $2.9 trillion \u2013 nearly on par with the entire federal budget \u2013 according to the watchdog agency charged with oversight of the Troubled Assets Relief Program (TARP).<\/p>\n
Although the Treasury Department is only authorized to spend the $700 billion approved last year by Congress and signed by the president, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) will invest up to $1 trillion each in partnering with the Treasury Department\u2019s TARP.<\/p>\n
So the \u201ctotal projected funding\u201d for TARP is estimated to be between $2.47 trillion and $2.97 trillion, according to the TARP special inspector general\u2019s report released on April 21. That\u2019s not so much less than the Obama administration\u2019s proposed federal budget for fiscal year 2010 of $3.6 trillion.<\/p><\/blockquote>\n
Related<\/strong><\/p>\n
\n
- TARP: The Looming Debacle – <\/a>John Hinderaker<\/a>, Power Line<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
CNSNews has a rather frightening report on the Special Inspector General for the Troubled Asset Relief Program’s report to congress. In short the report says that although Congress limited the Treasury Dept. to spending only $700 billion on TARP\u00a0 the program’s partnerships with the Federal Reserve and the Federal Deposit Insurance Corporation could bring the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[344,343,635,177],"class_list":{"0":"post-2091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-fdic","9":"tag-federal-reserve","10":"tag-tarp","11":"tag-treasury-department","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-xJ","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1104,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/12\/treasury-throws-auto-industry-a-life-line\/","url_meta":{"origin":2091,"position":0},"title":"Treasury Throws Auto Industry a Life Line???","author":"Jeff","date":"December 12, 2008","format":false,"excerpt":"Damn! What is it with the Bush administration? Senate Republicans rightly stopped the auto industry bail last night and today the Bush Administration decides to use TARP funds to throw a life line to GM and Chrysler. From FoxBusiness: Despite the abrupt death last night of bailout legislation in Congress,\u2026","rel":"","context":"In "Money & Investing"","block_context":{"text":"Money & Investing","link":"https:\/\/www.jasetaro.com\/blog\/category\/money-and-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1049,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/24\/here-we-go-again-feds-agree-to-citibank-bailout\/","url_meta":{"origin":2091,"position":1},"title":"Here We Go Again: Feds Agree to Citibank Bailout","author":"Jeff","date":"November 24, 2008","format":false,"excerpt":"From the Wall Street Journal: The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books. Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1141,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/19\/son-of-a-bailout-bush-gives-auto-makers-174-billion\/","url_meta":{"origin":2091,"position":2},"title":"Son of a Bailout – Bush Gives Auto Makers $17.4 Billion","author":"Jeff","date":"December 19, 2008","format":false,"excerpt":"President Bush this morning morning announced a $17.4 billion bailout plan for auto makers. Under the terms of the plan GM and Chrysler would receive $13.4 billion in loans in December and January, with another $4 billion likely available in February. The deal is contingent on the companies' showing that\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1853,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/04\/01\/holy-crap-128-trillion-spent-lent-or-committed\/","url_meta":{"origin":2091,"position":3},"title":"Holy Crap: $12.8 Trillion Spent, Lent or Committed???","author":"Jeff","date":"April 1, 2009","format":false,"excerpt":"From Bloomberg News: March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s. New pledges from the Fed, the Treasury\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1525,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/15\/federal-obligations-exceed-world-gdp\/","url_meta":{"origin":2091,"position":4},"title":"Federal Obligations Exceed World GDP???","author":"Jeff","date":"February 15, 2009","format":false,"excerpt":"I tend to be skeptical of articles like this one from World Net Daily: Federal obligations exceed world GDP Does $65.5 trillion terrify anyone yet? By Jerome R. Corsi, February 13, 2009, WorldNetDaily As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2300,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/06\/03\/were-healthy-banks-forced-forced-to-surrender-ownership-stakes-to-government\/","url_meta":{"origin":2091,"position":5},"title":"Were Healthy Banks Forced Forced to Surrender Ownership Stakes to Government?","author":"Jeff","date":"June 3, 2009","format":false,"excerpt":"Were Healthy Banks Forced Forced to Surrender Ownership Stakes to Government? It's question that needs to be answered... From reading this CNSNews.com piece it would seem at least a few \"healthy\" banks were forced into surrendering ownership stakes to the government: Last October, then-Treasury Secretary Henry Paulson ordered nine banks\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2091"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2091\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}