U.S. Bailout Costs May Reach $23.7 Trillion, TARP Inspector Says

ByLoSellHi · Jul 20, 2009

Goldman Sachs will save the day.

Isn't that why they're on the receiving end of the most favorable treatment and access any alleged democratic government has ever granted a "private" entity?

Scataphagos · Jul 20, 2009

Quote from makloda:

You can always emigrate, relinquish your US passport and offer your kids an independent expat lifestyle without Uncle Sam's fingers in your and your families' pockets.

Best choice for all who can swing it.... until they make it illegal to leave.

the1 · Jul 20, 2009

easier said than done. You have to get accepted by another country, then apply for citizenship in that country, and then I believe the IRS can still chase you overseas for something like 10 years. The government has this all planned out so you can't just pick up and leave. It's all part of the grand plan. No one can escape the destructive spending of congress and the Fed.

Quote from makloda:

You can always emigrate, relinquish your US passport and offer your kids an independent expat lifestyle without Uncle Sam's fingers in your and your families' pockets.

Optionpro007 · Jul 20, 2009

Quote from the1:

No, it's not funny. It's quite sad. When I look at my 2 children I wonder what their life is going to be like. This debt can never be repaid. What are they going to do? Just wipe the slate clean and call "do-over?" I very seriously doubt that.

It's not the end of the world by any means. All fiat currencies throughout history have faltered. The US$ is not immune.

Debaser82 · Jul 20, 2009

There is +- 7 trillion $ in US bank deposits?

So it would have been cheaper as some said to declare the system bankrupt and just guarantee deposits?

Scataphagos · Jul 20, 2009

Quote from Debaser82:

There is +- 7 trillion $ in US bank deposits?

So it would have been cheaper as some said to declare the system bankrupt and just guarantee deposits?

The BIG problem is in derivatives, many times bigger than deposits .... everybody's holding the bag on those and all expecting/hoping to get paid from tax payer funds.

ByLoSellHi · Jul 20, 2009

Does it feel like Rome while someone playeth the fiddle in here to anyone else?

krazykarl · Jul 20, 2009

Quote from Optionpro007:

It's not the end of the world by any means. All fiat currencies throughout history have faltered. The US$ is not immune.

+1.

Also, derivatives are just that for a reason. Contracts are broken all the time, derivatives are no different.

-Trillions of swaps and other derivatives can go to $0 overnight when they are busted. The counter-parties wither go bankrupt or simply don't pay and litigate the mess over a decade.

People need to stop thinking $1 trillion in derivatives == $1 trillion in USD. NOT THE SAME!!!!11!!

ASusilovic · Jul 20, 2009

Quote from makloda:

Now we know what they meant when they said "contained"

It was a typo - they meant "container"...

Scataphagos · Jul 20, 2009

Quote from krazykarl:

"... -Trillions of swaps and other derivatives can go to $0 overnight when they are busted. The counter-parties wither go bankrupt or simply don't pay and litigate the mess over a decade.

Seems to me that's what they're trying to avoid... so that everybody gets paid. And because counter-parties did not reserve assets to honor obligations, the only place they can get paid from is the tax payer.