8.6 Trillion to prop up failing banksSubmitted by Mark Hanson on Fri, 02/15/2013 - 13:19
The media narrative suggests that bailed out banks paid back TARP funds and taxpayers made a profit. However, a Congressional Budget Office report says it will cost taxpayers 8.6 Trillion to prop up the failing banking system. And former IMF chief economist Simon Johnson says another financial crisis represents a short term budget liability equal to 40% of GDP (5.6 Trillion). Also, Zerohedge reported that 6.3 Trillion of toxic assets and liabilities were dumped on taxpayers when Fannie and Freddie collapsed, and Obama is keeping it off budget. Oops!
You can find links to this information in my post titled "Fraud and the Federal Debt". Here's the link: