Wednesday, May 19, 2010

How Paul Kanjorski, Nancy Pelosi And Harry Reid Spent Our Money On TARP- $24 Trillion Dollars

From Judicial Watch-A Financial Comparison"

The government economic bailout altered the role of the Federal Reserve and the government's relationship with private enterprises. Schooled in the Great Depression, Fed Chairman Bernanke feared a repeat and wielded unchecked power. Many question Bernanke's fear of "contagion" (i.e. the spreading of bank disaster) and the long-term effects of unchecked Fed power. Paying the bill ultimately rests with the taxpayers. When trillions of dollars are pumped into institutions that would have otherwise gone bankrupt, the significance of not only the action, but its magnitude are hard to comprehend.

Judicial Watch's table puts into perspective the magnitude of bailout spending. To provide a scale of comparison, Judicial Watch presents numbers to connect expense with the perspectives of individual short-term, individual longer-term, and a nationwide short-term focus. How does one comprehend a trillion dollars? Much less $24 trillion? To note, the numbers are not transparent. Various sources provide different estimates. We have compiled numbers from a variety of sources including CNNMoney, the Federal Reserve, Department of Treasury, etc. The bailout is constantly evolving and so we focus on the money committed rather than spent. These commitments, however, can also change, and programs can be created instantaneously with unprecedented Fed power. The estimated worst case scenario is that the bailout will cost the American people nearly $24 trillion. Explore the table and you will find relevant news articles, links to Judicial Watch's investigations and lawsuits, and relevant comparisons.

No wonder Paul Kanjorski enjoys taking all that money from the banking industry and Freddie and Fannie.

To put a trillion dollars into perspective if one stacked one dollar bills one at a time on top of each other a trillion dollars would rise 68,000 miles into the air or one third of the distance from the Earth to the Moon. Just like Robin Williams in his history on golf "Do you do this one time? Heck no 24 trillion fn times!!! And they blasted Bush for $700 billion dollar deficit???

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