Tuesday, January 27, 2009

Bailout Cost: $4 Trillion??

The cost of the bank bailout is likely to be much higher than $700 billion.

While the Obama administration hasn't asked Congress for more money yet, some experts warn that government spending on support for struggling financial services companies will ultimately reach into the trillions of dollars...

"The amount of working capital you'd expect the government to take into this would be around $3 trillion to $4 trillion," said Simon Johnson, a senior fellow at the Peterson Institute for International Economics and author of its Baseline Scenario
financial crisis blog.

read the CNN story

My thoughts: Wow. Do you think the pols lied to the taxpayers?

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