The Tally Stick

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Special Inspector General for TARP says U.S. bailout could total $23.7 trillion dollars

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That is quite a chunk of change, a few trillion and a few trillion there and now we are talking real money.  Its quite scary to think that this much money has been pledged to support our financial system and we are still not even close to a real recovery.  I believe if the lending facilities that are in place were pulled back, the economy would take a nose dive and the truth would be known.   Unless this money is getting to business and hire and employ people, we are not going to see a recovery that is lead by job growth and wage increases.   Restoring confidence is another issue, I think that will take much longer to be regained because of the massive governmental intervention in the markets.  We need to losers to fail and the winners to prosper.  That shows the rules we established are being followed and that is a signal that we have a normal functioning market and at that point peoples greed and self-interest will make our wonderful markets work.

News (Bloomberg):

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.

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Written by Tally Stick

July 20th, 2009 at 1:18 pm

Posted in Commentary

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