Feb 09 2009

Does ANYBODY Know What DC Is Doing With Our Money?

Published by at 9:10 am under All General Discussions

OK, I find it very disturbing when I think I understand the top issues of the day, and then I found out I was in the dark and off the mark by a factor of ten. And when we talk bailout bills being off by 10 is scary. First we had the bank bail out called TARP. It was to be $700 Billion – a once in a life time number. 

Then came this liberal pork-a-thon bill called the ‘stimulus’ package which all the DC Chicken Littles are claiming is needed to avoid a disaster the CBO claims we will be out by the end of the year if we do nothing. That little puppy is $800-900 Billion. Another once in a life time amount.

But somehow I missed the $9 TRILLION dollar bailout piece:

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed.

The remaining $8 trillion in commitments are lending programs and guarantees, almost all under the authority of the Fed and the FDIC. The recipients’ names have not been disclosed.

“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”

Face it, DC has bankrupted us all.

2 responses so far

2 Responses to “Does ANYBODY Know What DC Is Doing With Our Money?”

  1. MerlinOS2 says:

    TARP II announcement delayed because they don’t want to release a likely 1 trillion price tag on the day of the cloture vote

  2. crosspatch says:

    “Does ANYBODY Know What DC Is Doing With Our Money?”

    Last I heard only 10% of the allocated money would be spent in 2009. The rest is going to be held in “reserve” until the 2012 election cycle.