Latest Bank Bailout Outrage

Bloomberg reports that bank bailouts may reach $23.7 Trillion:

“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.”

With the most up to date estimate of US population at about 306,899,000, this news means every citizen of the United States is on the hook for $77,224 to bail out Bank of America, Citibank, Goldman Sachs and other giant banks that are robbing us blind but deemed by our government  to be “too big to fail”. Really they are far too big to exist and should have been broken up years ago under the antitrust laws that both political parties have refused to enforce.

Its clear that we need far more serious oversight and government reform. Its well past time to stop this insanity.

The first step is to audit the Federal Reserve. Currently 271 members of Congress co-sponsor  and support  Ron Paul’s H.R. 1207: Federal Reserve Transparency Act of 2009, which calls of the government to audit the Federal Reserve. But the Congressional leadership refuses to bring it to the floor, or even hold hearings, which makes one start to wonder who really runs our country.


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Filed under Economic Policy

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