Obama could have wiped clean every mortgage and credit card debt in 2008 for less he gifted to banks

[maxkeiser]

Run time: 01:14 http://www.youtube.com/watch?v=UiQy22mLG-A   Posted on YouTube: November 07, 2009 By YouTube Member: votethirdparty2012 Views on YouTube: 997   Posted on DU: November 08, 2009 By DU Member: maxkeiser Views on DU: 2934

 

[ro1942]

1. Thanks Max and thanks for posting

[JDPriestly]

2. K&R

I wrote my representative about this at the time, and he tried to take this approach. But the powers that be, the greedy sociopaths at the banks, got their way. Our country is ruined as a result.

And, yes, Bush and Paulson made the initial proposal to bail out the banks not the debtors, but Obama bought it and sold it and pushed Congress into approving the final deal. This is the greatest fraud ever perpetrated in this country. And it was perpetrated by our own "representative" government.

[hoosier_lefty]

3. utter fraud is right.

"Obama could have wiped clean every mortgage and credit card debt in 2008 for less he gifted to banks"

BUT....

*In 2008 Bush was president.

*The tarp bail out was 700 billion not eleven trillion,
even if you added all the other individual bailouts in 2008
It's nowhere near eleven trillion.

*If you would have added eleven trillion to the deficit to pay off
everyones mortgage and credit card it would bankrupt the U.S.
The interest alone on eleven trillion dollars would be staggering, IF you
could even find a country or countries to loan us that much.

*The 700 billion stimulus package President Obama signed wasn't a
bank bailout.

[EJSTES2005]

17. I think this is the 23 Trillion

that Max is making refernce to is also talked about ans written about below.

http://dailybail.com/home/video-dylan-ratigan-on-corpor...
.
I guess Dylan is just another know nothing "fraud" as well............


Another home run from Ratigan. We will complete the post later, but the clip is too important to wait until we had the time to do a write-up. So just enjoy. Runs 5 minutes. First 30 seconds are health care, then it's banking and the bail outs.

"The beneficiaries of an ongoing $24 trillion taxpayer-funded bailout...$24 trillion dollars."
"That is national capital that is being sucked into a broken banking system at the expense of the rest of our country. They continue to use "Too Big To Fail" as blackmail to the taxpayer in order to get us to provide capital to them."
"It is a system that takes resources from the citizenry and redistributes it to a tiny elite."
"A handful of weak, un-competitive, outdated companies and industries are purchasing control of the American political system in order to stay in business using their cronyism.
"It is coming at the direct expense of the rest of us in this nation. And it's a total betrayal of everything that represents America."

Read Dylan's Accompanying Editorial: Corporate Communism Is Killing America

http://dailybail.com/home/guest-post-from-msnbcs-dylan-...

[FlaGranny]

4. Who gave the banks money?

It wasn't Obama. Sorry.

[girl gone mad]

63. Yes, it was Obama.

Obama:

1. Lobbied hard for TARP part I, making several phone calls to members of the CBC who switched their votes solely on his behalf.

2. Was personally involved in ensuring that TARP part II sailed through.

3. Appointed Tim Geithner to head Treasury and has done nothing to stop him from giving piles of money to corrupt Wall Street bankers.

[democracy1st]

5. he could have did it in a dream but not reality

[midnight]

6. K&R

[OneTwentyoNine]

7. Obama bailed out Wall St. and the Banks?!?!?

Another ass hat asleep last fall?

[avaistheone1]

12. Washington Post: Fed Backs Obama's Bailout Request

Top officials of the Federal Reserve yesterday offered the most detailed proposals yet for overhauling the rescue of the financial system, urging Congress to release the next batch of bailout money and arguing that a stimulus program alone is not enough to keep the economy from plunging further into recession.

The Fed leaders spoke as President-elect Barack Obama worked Capitol Hill, trying to persuade Democratic senators not to block a request for the last $350 billion of the bailout funds and assuring them that he is willing to use his veto power if they do so, according to participants in his lunchtime meeting with lawmakers.

Obama added that he would prefer to avoid making a politically awkward veto against a Democratic Congress one of his first official acts as president.

In laying out their ideas on how to disburse funds from the second half of the $700 billion financial rescue program, Fed leaders offered a more detailed vision than have aides to Obama. Lawmakers on both sides of the aisle have voiced consternation and even anger that they have not been given more specifics on how the money would be used.

http://www.washingtonpost.com/wp-dyn/content/article/20...



Obama's hands are all over this. Perhaps he should be given another medal.

[Revlon10]

8. It was no gift, bush was your president

Trillion and Billion. Do not get them mixed up.

[avaistheone1]

13. Obama Responds to Bailout Vote: ‘Get This Done’

WESTMINSTER, Colo. — Sen. Barack Obama swiftly reacted to the failed congressional vote on the bailout on Monday afternoon, casting the setback as a “bump in the road” that would not prevent ultimate passage of a “rescue package.”

“While things are never smooth in Congress,” Obama told voters as soon as he took the stage, “understand that it will get done.”

Then Obama boiled down his simple message for Congress: “Get this done!”

Obama called for calm as Congress struggles with reaching consensus on a bailout — a mood that is not felt in the markets today — but also repeatedly told voters it was an “outrage” that the Republican “philosophy” of deregulation and trickle down economics has led to this avoidable crisis.

Obama depicted the bailout’s road through Washington as tough, but eminently doable. “It’s sorta like flying into Denver,” Obama told voters to wide applause, “you know you’re going to land, but it’s not always fun going over those mountains.”

Obama also apologized for appearing late at the rally, explaining that he was on the phone with Sec. Paulson, Speaker Pelosi and congressional leaders.

Confidence aside, Obama did not offer a specific plan for how the rescue plan could recruit more support — from rank and file members of Congress or the many Americans who oppose the proposal.

http://washingtonindependent.com/8971/obama-responds-to...



Looks like Obama owns the bailout solution.

[BREMPRO]

9. Kaiser is a kooky klown with no kredentials or kredibility

he's perpetuating the ignorant myth that personal debt of mortgages and credit card debt could have been wiped clean instead of bailing out the banks. Been debunked.

http://www.snopes.com/politics/taxes/dividend.asp

[ljm2002]

19. Please do tell us your kredentials...

...for making this assertion about Max Keiser. He worked on Wall Street for years, made a bundle, and created a patented trading system that is still in use. How about you?

I do not claim that you must have kredentials to state your opinion, nor that you should agree with everything that Max says. I don't either. But you are arguing that he does not have kredentials, so please, pony up yours.

[billh58]

24. +100

Pure and utter economic nonsense by this asshat, for reasons too numerous to list. Just suffice it to say that there is no such thing as "debt forgiveness," there is only "debt reassignment."

[Mithreal]

32. name calling, very effective when facts are irrelevant

[billh58]

34. I was attempting

to be kind with the label "asshat."

[IrateCitizen]

26. You're assuming that the bailout includes only the $700B TARP funds

The reality is that it also includes promises to guarantee debt, like in the cases of AIG and Citibank, for starters. When those responsibilities are figured in, as well as the free cash that the Fed has made available to the big financial players, the number actually increases well into the TRILLIONS of dollars. This is what Max is talking about.

[BREMPRO]

40. total public mortgage and credit card debt 13,8 trillion- total bailout /tarp spent 3 trillion

http://mwhodges.home.att.net/nat-debt/debt-nat-a.htm#ho...
http://www.nytimes.com/interactive/2009/02/04/business/...

the "obligations" are not relevant.

the idea that we could have paid off public debt is a populist fallacy. If you really want to see political and financial chaos,try to pay off everyones debt. What about those that don't have debt? what do they get? so if i was living the high life with a mansion and owe 700,000 on my mortgage and 10,000 in credit card debt and you are a renter that has no mortgage and 2000 debt, how do you make that fair? Not to mention the implications for home prices. It's total fantasy economics that plays to popular outrage about the bailouts. Keiser is an just an attention whore.

[Mithreal]

31. Your debunk does not apply. And how much debt is the

entire US home mortgage market? Significantly lower than what the big banks received. Look it up yourself.

[BREMPRO]

43. see above

http://www.democraticunderground.com/discuss/duboard.ph...

[Mithreal]

47. No, thank you. Fairness, really? I choose bottom up every time.

Yeah, rich folks of relatively modest or better means didn't deserve a bailout. The hope is in the details, right. I get your point about it not being fair to renters but my wife and I are both post Bachelor's educated, she has a master's and we have been in the work force for nearly two decades and have yet been able to afford to buy a new car. I might as well claim the cash for clunkers was UNFAIR because like a renter I couldn't afford the bailout. Whatever, carry on.

Don't knock Keiser when you bring less to the discussion.

[girl gone mad]

64. And who the fuck are you..

and why should we care what you think?

Your link has nothing whatsoever to do with Keiser's assertions.

[Honeycombe8]

10. I'm not in favor of paying someone else's mortgage, when they buy more than they

can afford. People know when they're getting in over their head, or when they know they'd be in serious trouble if one of the spouses gets a pay cut. I'm not in favor of paying off their mortgages. I live in a tiny house in an inner city...I bought such an old, tiny house because I knew what I could afford (and more importantly, what I could NOT afford).

Whether we should've bailed out Wall Street, esp. with no strings attached - that was stupid. But paying off people's mortgages and credit card debt, that would multiply teh stupidity.

DON'T CHARGE! DON'T CHARGE! DON'T CHARGE! If you can't pay cash for it, YOU CAN'T AFFORD IT! Charging it only delays the inevitable: financial disaster. Except that charging will add tons of interest money on top of your disaster. Don't ask me to pay for YOUR charge cards!

[NYC_SKP]

57. +1 nt

[drm604]

11. 2008?

He was a Senator in 2008, how could he have done that?

[avaistheone1]

15. Here's how.

http://www.washingtonpost.com/wp-dyn/content/article/20 ...

[drm604]

16. Bad link. n/t

[avaistheone1]

36. This should work.

http://www.washingtonpost.com/wp-dyn/content/article/20...

[drm604]

53. That was in 2009. n/t

[Hutzpa]

21. You link is bad.

you might need to top up the meter.

[Karenina]

14. MAX, Du Sheiße... DO NOT GO ABOUT HANGING OBAMA WITH THIS.

It isn't fair or correct. Sure, he might have targeted HIS stimulus package better. However, in such a case it would NEVER have passed in this lifetime. There are PLENTY of legit issues about WHO OWNS HIM. This is not one of them.

[earcandle]

18. What do you say we have Max Keiser as Secretary of Treasury? Can Geitner. Remove Obama, replace

with Kucinich.  And have one glorious republic once again!

And wipe out all debt, restore people who claimed bankruptcy
as whole.
And have all banks and healthcare be run by a socialist
government manned by THE PEOPLE!

And have all news agencies present both the pros and cons of
every issue so that the
public interest is served.

We are the laughing stock of the world.  How can we dare to
propose to help other nations
when we can't even help ourselves?  What a joke we are.  Feel
it yet? 

[Hutzpa]

20. I don't like this guy

it's like you are here to do a hit piece after hit piece on Obama, knowing
fully who is responsible for this goddamn mess this country is in.

It's either you're purposely displaying lack of fair journalism or displaying
willful ignorance.

You are blaming Obama for something that was created by another President, while
he is working hard to fix the mess that was created. Why not blame him for something
he has done.

It's a display of Pseudomonad, yes people bringing out their opportunistic nature in
them just to get attention, and for a journalist of your caliber, it is despicable
to say the least.

[Mithreal]

22. I blame President Obama and the Congress for not fixing this mess bottom up

I blame President Obama for continuing Reagan's piss on the plebs economic strategy.

Sometimes Max's rhetoric is a little hot and I can imagine it is must be very offensive to some because it borders offense for me, but President Obama picked his thug crew and has made his choices and the average American people get scraps. Yeah, he didn't cause it, but now he is the proud owner of a jobless recovery. Do I have some hope for him to change, I guess.

Don't blame the messenger.

Don't care if you don't like this guy.

Max, keep on doing what you are doing with the single exception that I would say, try to remember Bush and 30 years of Reaganomics did this to the US and President Obama doesn't have the courage for more swift change, but he doesn't seem like too risky a fellow and hard to fault him for being cautious and bandaiding the economy.

[Hutzpa]

23. Did it occur to you that

sometimes in order to fix a problem or to understand the root of the problem is to use an
inside man that knows exactly whats going on, I hear people on this board blaming Obama for
choosing Tim Geithner as Sec of Treasury because he is part of the problem, what they're
failing to understand is, you need an inside man to carry out your agenda, an outsider
will not have a clue as to where to start and please don't tell me we can start from
the beginning, because the state at which the economy was when he took office did not
allow for that.

I'm a pragmatist, so maybe it's easier for me to understand where the President is coming
from.

[Mithreal]

27. I won't fault you for your position, but it strains credibility

There is no beginning, just now, so I wouldn't argue for starting from scratch. I think President Obama uses that "if we could start from scratch" argument as a convenience for not doing more that may insult the big donors of Wall Street.

And the pragmatist label is something you may say proudly but America is on a slide. When President Obama's terms are over, do you want people to say he slowed down the fall or took us away from the slide? I see pragmatists as slowing down the fall but not changing the slide. So yeah, if you want to slow down the fall of America, I think as a pragmatist you are an ally.

So keep the faith but not all of us choose faith in a President.

[Hutzpa]

29. What would you have prefer??

An out an out progressive who will come in, change everything and start from scratch
with Wall street and then what, the economy keeps skyrocketing.

I think it is better to slow the whole thing down, find out what led to the burst and then
fix it with your own policy, thats progress, you then continue robust policy with progressives
economist that will come in and re-established a robust progressive agenda.



On Edit:
Oh! here is my 83% love for Obama;



Thats a B- grade, which is I am willing to give him time to fix the mess he inherited,
not slap him for another persons mess.

[Mithreal]

30. I agree with your last paragraph

but I expect the causes of the slide will be ignored, even refuted. Making allowance for a change in advisers, will that happen without pressure? The corporatists are pressuring this President. Maybe it will take millions screaming for change who refuse to give the President unconditional support. Maybe second term President Obama will really be Progressive with progressive advisers. I know people who can't wait that long.

Thom Hartmann argues persuasively that President Obama's heart is progressive but I wonder if that is good enough.

[Hutzpa]

33. I knew we can get there

now you see, but then again you don't, so lets leave at that.

[Mithreal]

35. I have very mixed feelings about our President, good talking with ya

[Hutzpa]

37. I hope he is

able to change your mixed feelings eventually, which I have no doubt
he will.

[Mithreal]

39. It's almost funny, there is this internal conflict I am experiencing.

I still have my Obama yard sign in my front garden and I still get a few positive comments for keeping it up. I personally consider it a sign of hope but I also know from votebuilder and calling people that my neighborhood is >90% Republican and if I took it down it might signal weakening support. I always had mixed feelings, but the hope was clearly dominant until some time after he came into office. One of my friends who worked with previous White Houses was pulled into the Obama campaign a year before the election and Obama's support of Israel offense and Afghan escalation were most troubling to me. He assured me Obama was the real deal and that Obama had to sound militarily aggressive to win election but that was just politics. Now my friend and I both know that was untrue. When folks here argue that anyone who read his policy positions would have known who he was it really irritates me.

I hope he wins more of DU and progressives back too. The eating crow comments I occasionally see make me think crow is really tasty, so I am looking forward to it.

Take care and stay healthy.

[Hutzpa]

41. We have to remember that these are

orchestrated in such a way to bring discomfort amongst us, I remember back then when
DU was DU, where such comments and divisive opinion where prevented from taking
place.

I know what the man stands for and there is no one out there that is better than him
right now, no one.

You stay healthy....Peace!!

[Why Syzygy]

44. No!

Get the Goldman Sachs INSIDERS out of my government! There are PLENTY of smart people who don't have their hand in the pie who can figure out how to clean it up. You do NOT need an Insider! What in the world makes you think Timmy has any motive to clean it up? He hasn't!

[Mithreal]

46. Geithner failed up. He was picked for his lack of integrity to regulate.

I definitely buy that argument more than I buy the argument that he was a knowledgeable insider who can fix the problems.

[BREMPRO]

56. Geitner is on record for support of substantial regulation and reform of financial institutions

the cartoon version I continue to hear about Geitner as a wall street lackey and weak regulator doesn't match the reality. Watch the Charlie Rose interview. http://www.charlierose.com/view/interview/10137

"Mr. Geithner mapped out his case for giving the government a heavier hand in overseeing Wall Street.

Mr. Geithner denounced the current system of financial regulation, calling it “crazy” and “screwed-up,” and said the country needed to figure out a way to shield small banks and lenders from the failure of big financial institutions."


http://www.reuters.com/article/businessNews/idUSTRE59Q4...

[Mithreal]

62. From March 10, come on, the guy has built a record since then.

I gave it a listen and tried to keep an open mind and this interview occurred only two weeks into his new job. I think enough time has elapsed to make some statements about Treasury.

I had to stop watching this interview several times. I don't blame Geithner, I blame the President for choosing him and I believe Geithner may be doing his best to implement the President's policies which just aren't good enough. Thirty years of Reaganomics needs to be addressed now.

[BREMPRO]

66. soo... 30 years of bad financial policy and lack of regulation from Reagan/Greenspan/Rand

should be fixed in 9 months? I agree with you just trying to be realistic about the time-frame for reform. Obama, his entire economic team, as well as Frank and Dodd in congress have committed to reform the system to prevent future meltdowns. Stabilizing the financial sector and health care reform have been a priority. They are just beginning to ramp up the efforts for the financial reforms.


the article is more recent and restates the intent of financial reforms.

[Mithreal]

67. Are they doing anything about Too Big To Fail

Too Big To Exist?

I do not share this optimism.

Have you heard of Ravi Batra?

[BREMPRO]

68. Barney Frank discusses financial reform including "too big to fail"

http://www.youtube.com/watch?v=ea7sATdftt4


not heard of Ravi Batra.

[Hutzpa]

71. Typical of a Republican to spit

BS with confidence. Theres a fact <------ and theres a Republican ignoring the fact------>

They've been so used to not being called out that when you do call them out, their faces goes
all mushy, it's a thing of beaut, just to see their facial reaction on TV.

Try watching in High Definition, you see all the last muscle on their faces twitching.

[Mithreal]

72. Check out Ravi Batra. Ok, I will be looking for evidence of action.

Dr. Batra is on Thom Hartmann's radio show every few weeks. Really think what he says is worth the time of anyone who wants to understand the economy.

[Hutzpa]

48. Is that suppose to be a factual statement

or just an opinion?

[Why Syzygy]

49. Reasoned assessment.

http://www.mcclatchydc.com/146


Also:

Geithner Aides Reaped Millions Working for Banks, Hedge Funds

Oct. 14 (Bloomberg) -- Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.

The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.

As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies.

“These people are incredibly smart, they’re incredibly talented and they bring knowledge,” said Bill Brown, a visiting professor at Duke University School of Law and former managing director at Morgan Stanley. “The risk is they will further exacerbate the problem of our regulators identifying with Wall Street.”

While it isn’t unusual for Treasury officials to come from the financial industry, President Barack Obama has been critical of Wall Street, blaming its high-risk, high-pay culture for helping cause the financial-market meltdown.

‘Reckless Behavior’

Speaking to financial executives last month, Obama said: “We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.”

At the same time, the president has promised to change Washington by keeping lobbyists for special interests at a distance and by making decisions in the open.

Sperling and Sachs are each paid $162,900 at the Treasury. Along with four others, they hold the title of counselor to Geithner. Sachs, 46, withdrew earlier this year from consideration to be the Treasury’s top domestic finance official, a job that would have required Senate confirmation.

Geithner’s predecessor, Henry Paulson, brought on a coterie of non-confirmed advisers from Goldman Sachs at the end of his term. Paulson, who had been the firm’s chief executive officer, defended the arrangement as necessary to quickly bring in top talent when the financial system was on the verge of collapse. (...)

http://www.bloomberg.com/apps/news?pid=20601087&sid=abo...

[Hutzpa]

51. What would have been your solution

considering the kind of situation Obama inherited?

Scrap everything and start from a fresh?

Then What?

[Why Syzygy]

52. I don't have

degrees in Political Science and Constitutional Law. I would expect someone who does to have better ideas for fixing a horrific mess of things. But, even I know that giving the thieves the key to the cookie jar is not a solution.

[Hutzpa]

70. Since you don't have one

why not live it to experts, the ones with a sense of direction and actually have an idea
as to where they want to see this country.

I refer to people like yourself as backseat drivers, screaming directions from the top of
their voices with no inclination on a solution to the problem.

[Why Syzygy]

73. "where they want to see this country"

That is exactly what concerns me. They need to "want to see this country" some place that is advantageous for people like ME! I refer to people like yourself as too weak minded to bother with.

[Hutzpa]

76. Just for entertainment sake

and YOU'RE suppose to be more aggressive....

People like YOU, a self centered individual who has lost their
scruples, would rather see the whole world blow up to
achieve their selfish needs....nope, I'll stay weak (smart) thank
you very much.

I guess, you want your country back...right?

some place that is advantageous for people like ME!

Yup! Real AmuriKKKans...

[Why Syzygy]

77. I guess you've forgotten,

like 99% of office holders, that I am one of the People for whom the government is By, For and Of.
You obviously are the sort who wants a daddy to take all the big scary responsibility for you even if it means you wear chains. Maybe ESPECIALLY if you wear chains.

[Hutzpa]

78. In that case

there is a difference between a LEADER and a GENIUS, a Leader INSPIRES, whereas
a GENIUS waits to be INSPIRED.

Sorry, it will happen.

just ran outta gas.

[Turborama]

58. His Opinions Are Very popular On Iranian & Russian State Run TV

I don't like him coming here with his continuous "Alex Jones-esque" hit pieces, either.

I usually 'ignore' his threads but this one is on the front page so I popped in to see if anyone else questions this guy's motives.

[earcandle]

59. He would prosecute if he wasn't in on the scheme. Period.

[girl gone mad]

65. Obama was 100% behind TARP, from the beginning..

and just look at his economic advisers... all in the pocket of Wall St. Geithner was deeply involved in crafting TARP, in the AIG bailouts, in the decisions to let Lehman fail and give Goldman favored treatment.

I guess you haven't been paying close attention, but those who have know the truth.

[Hutzpa]

69. How sad..

you're using personal opinion to form a factual statement and I'm the one that has
not been paying attention(?)

How do you know they are in the pocket of Wall St? besides using third party opinion?


How??

[Why Syzygy]

74. You have a habit

of coming in late for your replies. And then with the phony questions. Pee-yew! Stanky.

I already posted the PROOF upthread. Already forgot about it? You're not real good at bluffing. I can tell.

[Hutzpa]

75. You have a habit of generalizing

like painting with a broad brush, I made two late replies to you post, suddenly it is an habit.
Have we ever had a discussion before? no? you seemed good at responding with vulgarity, no
surprise there as you've shown you have no idea of what you're talking about, so your best
approach is to be obnoxious.

What PROOF? This?

[Hamlette]

25. Complete bull shit. You are making up numbers just like Rush. Worse than Rush.

Where does the 23 Trillion come from?

Or the 11 Trillion?

Made up shit.

Our side is the side that is supposed to tell the truth.

[Mithreal]

28. Federal Reserve needs to be audited.

Not so made up as you might think.

A number of our good reps and even some Repubs have been calling for an audit.

edit to add: See post #17 where a source of the number is discussed.

[Why Syzygy]

45. 218 co-sponsors for Ron Paul's audit bill. nt

[DemReadingDU]

38. Neil Barofsky: Bailout May Cost $23.7 Trillion

7/20/09 Bailout May Cost $23.7 Trillion: Barofsky

The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, 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 aimed at making one component of the government financial rescue effort more accountable and transparent.

The $4.7 trillion commitment to the industry takes into account about 50 initiatives and programs set up since 2007 by the Bush and Obama administrations as well as by the Federal Reserve. Barofsky oversees one of the initiatives -- the $700 billion Troubled Asset Relief Program.

Much of the government assistance is backed by collateral and Barofsky's $23.7 trillion estimate represents the gross, not net, exposure that the government could face.

Because of declining participation in short-term loan programs and because some infusions of money have been repaid, the maximum amount actually spent has declined to a current outstanding balance of $3 trillion, Barofsky said.

Treasury spokesman Andrew Williams said the actual cash outlay to date of all the programs cited by Barofsky is actually less than $2 trillion and said the maximum exposure estimate "is inflated in a number of ways."

The agencies and the programs assisting the financial sector include a newly created Federal Housing Finance Agency, increased deposit insurance initiated by the Federal Deposit Insurance Corp., and 18 support programs created by the Fed under the special powers it can deploy to address a systemwide financial crisis.

Banks have cut back on their use of the Fed's emergency lending program as well as other programs to ease credit stresses. Given that, the Fed has reduced the amount it will lend to financial institutions under two programs and it has decided to let a program to support money market mutual funds to expire as currently scheduled at the end of October.

Barofsky's $23.7 trillion estimate represents the maximum exposure that the government would face if all eligible applicants requested the maximum assistance at the same time. It does not account for the fees and other costs that some of these programs charge and for the collateral that many of the programs require that participants provide.

more...
http://www.huffingtonpost.com/2009/07/20/bailout-may-co...

[Hamlette]

50. okay, if you don't want to read the article, don't, he doesn't say what the op says

and the info is 6 months old.

I absofuckinglutely do not believe that Obama, no matter how evil you think he is, would bail out banks to the tune of $80K for every American.

If you do, based on something you saw on Ariana (the formerly right wing nut case) page, fine. Infuse more BS into the argument and watch the country tank.

Fuck people. Grow up.

[Cha]

42. WHine whine whine and

fucking whine some more..deadender.

[doc03]

54. $23 trillion WTF are you talking about? According to my

recollection that was all done about 3 months before Obama became President.

[ingac70]

55. Hello! Bush was Pres. in 2008. n/t

[DeSwiss]

60. I said this from the start.

- But no one listens to you unless you have millions hanging from your pockets.

K&R

[earcandle]

61. This is a hard inherited economy, but he had a chance to select great people

standing by ready to take their place, as they had in the
campaign and instead his cabinet and advisors are from the
Clinton era.  
Well, well, well, wasn't Mr. Clinton recently touted to be
the kind of son Poppy wanted?  Geez, Nancy Gregg is right, we
are stooooo2opid.

We are not blind but we are willing to be inert and gaze in
wonder.  This is not a wonderful topic.  We don't wonder at
these things.  We take action.  Action creates energy. Where
there is no action, entropy ensues.  No one can stay on top
of it without vigilance. 

Sorry if I am hard on Obama.  Like you, I love him and adore
the whole family just like you and want to protect them as
well.  But at what point do you remain loyal to your own
personal stake in anything or decide it is best to relinquish
responsibility and ride on someone else's Coattails. I am not
getting that kind of attention, are you?  

Lets ask him for a loan fund and to have our own barter
system with a membership sign up qualified list.   Maybe that
will help!