Taxpayers, that is. According to Bloomberg,
“The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.”
Forget about the measly $700 billion Troubled Asset Relief program, the government has now exceeded that total by a whopping 800%!!
“The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.”
Considering federal spending is now about 1,900 times the weekly average for its last three years, you’d think they’d put a little transparency into these dealings. Alas, secrets reign supreme as the taxpayer is straddled with unprecedented debt and regulators refuse to disclose loan recipients or the collateral they are taking in return. Why? If nothing else, the Fed owes the American taxpayer some integrity in this process.
And now, P-E Obama wants to borrow more $$$ from the Chinese to buy-off taxpayers, but is still considering a tax hike by rolling back the Bush tax cuts early.
Call it the OCSP: The Obama Counter-Stimulus Plan!
MORE: Michelle Malkin; Hot Air: here and here
Tags: bailout, Bloomberg, Business, Citibank, Citicorp, debt, Politics, Taxpayer
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