Many people are outraged that the banking system was given a generous and widely publicized $700 billion bailout, but that’s just the tip of the proverbial banking iceberg. What has been dramatically less publicized is the fact that the backstops that the fed have given the banks and other failed financial institutions such as Fannie, Freddie and Ginnie. Unfortunately, a large percentage of people are angry over a $790 billion stimulus program, which is one of the few job creation items that benefit the people, yet they don’t know that the banksters have held up the government for more than 30 times that $790 billion. I’ll let one of my favorite financial commentators explain what has happened behind the closed doors of the Fed and the Treasury:
There is an nice breakdown of the trillions in bailouts and backstops shown at Source of 23.7 Trillion Bailout Cost? SIGTARP Report Summary.
Financial System Support
It’s called “Total potential support” because not all of the money has actually been spent. Much of the potential costs are associated to government guarantees for financial system transactions, which according to the financial institutions, are backed by a pile of worthless paper “assets”.
Two additional SIGTARP quarterly reports have been released since the July report with the $23.7 trillion reference. True to government form, there is not much consistency in the look and feel of these average 250 page reports. The section which contained the $23.7 trillion figure – “TARP in context with other programs”- has been removed from subsequent reports. It’s likely still possible to extract the new figure with a painstaking comb through of the report. My hunch is that this was intentional. SIGTARP and the government agencies that created it do not want the true cost of the financial bailout known, or at least not easily known.
So if you are angry about supporting a dishonest, unethical, greedy financial system with $700 billion in bailouts, you now have 30 times more reason to be angry.
At least there is one Congressional representative that has the nerve to present the conflict of interest between the government and the banksters. Here’s Congresswoman Marcy Kaptur (D-OH) grilling Treasury Secretary Tim Geithner about the Goldman Sachs bailout:
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