Reply #3: TARP Inspector General Debunks His Own False $23 Trillion Bailout Estimate

[Make7]

TARP Inspector General Debunks His Own False $23 Trillion Bailout Estimate

Jul 22nd, 2009

Yesterday, TARP Inspector General Neil Barosky released a report which crudely tallied up the cost of every economic rescue program proposed during the current crisis — including those that have been discontinued or never even began — to state that the total scope of all financial rescue programs comes to about $23.7 trillion. Cable news hosts ran wild with the report, using it to claim that taxpayers will “ultimately” wind up paying $23 trillion in “bailouts.”

The number continued to be cited on cable last night and this morning, with Fox News even claiming that $23 trillion will be the final cost of TARP alone. But Barofsky himself appeared on CNN to explain that the actual outstanding amount for the financial rescues is closer to $3 trillion, including loans that have yet to be repaid.


http://thinkprogress.org/2009/07/22/barofsky-debunks-23-trillion/

www.financialstability.gov/docs/09%20OFS_CitizensReport%20MAR2.pdf