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The $23T skeptics chorus is gaining voices: After seeing TARP special inspector general Neil...

Jul. 21, 2009 1:49 PM ETBy: Jason Aycock, SA News Editor4 Comments
The $23T skeptics chorus is gaining voices: After seeing TARP special inspector general Neil Barofsky's testimony that backstops and bailouts could reach that stratospheric figure, Floyd Norris, Barry Ritholtz and WSJ MarketBeat point out an improbable set of assumptions that go along with it, amounting to the sudden loss of value of nearly everything.

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Comments (4)

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On Jul 21 02:31 PM I need more cowbell wrote:
> This shit aint hard.

For a pathologic lier, it really is.

For a committed socialists, it really is.

For someone that truly hates America, it really is.

The truth is painful when surfacing it will ruin the President. So it keeps getting covered up with lies and propaganda.
OK, so the $23T is the worst case scenario, but not with zero probability. That sets the lower bracket. The best case scenario is, what, everything gets payed back; not likely, but again something other than zero probability. That sets the upper bracket. So now we know most likely something inbetween will occur- he should take the best existing data and estimates and state a "most probable case".
That is what any competent business would do when forecasting anything.
So lay out all three cases, with all assumptions included for each, and monitor, and periodically report on some web-site for all of us, the taxpayers, the owners, so can monitor also.
This shit aint hard.
It is the government's job to inform "We the People" of the amount of our money they have subjected to even the tiniest risk. Since they refuse, we are dependent on the inspector general to tell us.

It is not the inspector general's job to determine the risk factor,or the likelihood of financial ruin of any or all of the programs. The inspector's job is to report the facts, and leave the spin and double-talk to those who are expert in it -- our government. And CNBC.

But if no one objects, its sets the stage for the Administration to spend on other things.
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