CBO Estimate says bailout will cost taxpayers more

[steven johnson]

Source: Associated Press

WASHINGTON – Bailing out the financial sector will cost taxpayers $167 billion more than originally anticipated, according to a Congressional Budget Office estimate.

The original figure in January was $189 billion, but it is now $356 billion — $152 billion more for 2009 and $15 billion more next year, the CBO says in its March report updating the budget and economic outlook.

The CBO raised its projection because yields have increased on securities issued by the bailed-out financial institutions under the $700 billion Troubled Asset Relief Program.

That means there will be an increase in the cost of the subsidy from the U.S. Treasury's purchase of preferred stock, asset guarantees and loans to automakers, the CBO said.



Read more: http://news.yahoo.com/s/ap/20090404/ap_on_bi_ge/bailout_costs

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Why do I get the gut feeling that we are throwing good money after bad and that this rabbit hole is deeper than anyone suspects?

[unkachuck]

1. you gut gets that feeling....

....because we're being continually lied too....your gut intuitively knows that corporations rule this country and their interests take precedence over ours....

....your gut understands that millions of people around the world are suffering because of the greedy economic sins of wall street....how many deaths and destroyed lives have the wall street capitalists created in the wake of their global financial ponzi scheme?....how many men, women and children now have their lives forever altered with little hope of a brighter future?

....the lying governmental agents work for the corporations....these wealthy corporate leaders, if they were elected officials, would be charged with crimes against humanity....instead, they walk around with impunity....

[ShortnFiery]

2. Tell your legislators: NO MORE! nt

[RedCloud]

3. Let the tax dodgers foot this bill!

n/m

[MannyGoldstein]

4. No Shit?

But it's going to a good cause: a banker's second yacht.

Suckers.

[mbperrin]

5. Quelle surprise. Get ready for $55 TRILLION that needs to be covered.

IF you wanta save stupid bankers. I don't. Shut it down two months ago.