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Real Cost of the Bailouts?

Timothy Geithner, Ben Bernake, and the frauds at the Mercatus Center often claim that the bailouts only cost $700 billion - but that the bailouts were paid back. Some even claim that taxpayers made a profit from the bailouts. Those statements are lies. We all know about TARP, the Troubled Asset Relief Program, which spent $700 billion in taxpayers? money to bail out banks after the financial crisis. That money was scrutinized by Congress and the media. But it turns out that that $700 billion is just a small part of a much larger pool of money that has gone into propping up our nation?s financial system. And most of that taxpayer money hasn?t had much public scrutiny at all. According to a team at Bloomberg News, at one point last year the U...continue to full post

Full post as published by Crime & Federalism on February 04, 2011 (boomark / email).