Meh Culpa

Meh Culpa: On the new new bailout news

You think the Bush-Paulson-Bernanke ($700 billion bailout is bad? You think the $306 billion Citi bailout is bad?  Does the Obama team’s $700 billion stimulus package make you reach for an inhaler?  SusanG at Daily Kos points out this Bloomberg article:

Fed Pledges Top $7.4 Trillion to Ease Frozen Credit

By Mark Pittman and Bob Ivry

Nov. 24 (Bloomberg) — The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.

The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.

I’m not a math whiz, so help me out here.

Citi bailout   $    306,000,000

Already tapped     3,180,000,000

short term notes     2,400,000,000

FDIC guarantees     1,400,000,000

$3,060,000,006,980,000,000

Is that right?

According to Bloomberg, whatever it adds up to, the debt amounts to $24,000 per person in the US. And is Congress overseeing diddly?  Nope.   Our duly elected members of Congress, even the fiscal conservative, have failed to truly demand, let alone achieve, accountability for the lack of transparency they allegedly wrote into TARP, et. al.

Incompetence abounds.

Makes me want to scream blue murder swear up a supercell.

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November 24, 2008 - Posted by | Bush administration, Congress, Economy, politics | , , , , , ,

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