Barofsky fires back at Treasury, says $24,000,000,000,000 estimate sound

posted at 9:00 am on July 25, 2009 by Ed Morrissey

The Special Inspector General for TARP, Neil Barofsky, made headlines this week when he estimated that the Obama administration had committed itself to spending as much as $24,000,000,000,000 to fix the American economy.  The Treasury fired back at its own SIGTARP, saying that Barofsky inflated the numbers and that they had no intention of spending almost twice America’s annual GDP.  In an interview with ABC’s Jake Tapper, Barofsky explains that the White House currently has dozens of programs dispensing cash, and that the caps on all of those add up to the $24-trillion mark:

Barofsky told us that the Treasury Department “is not being transparent with respect to the TARP,” the $700 billion in funds (and more) the government is using as loans and bailouts to help stabilize the financial markets. “They’ve failed to adopt some very basic recommendations we’ve had toward transparency,” he said.

Called the “SIGTARP,” Barofsky appeared before Congress this week and told them that the government’s commitment to fix the financial system could potentially reach $23.7 trillion, and criticized the Treasury Department for calling his team’s estimate “inflated.”

“I think that the Treasury Department ought to read the report before they make comments, at least the spokesperson’s office,” Barofsky said. “Our methodology is laid out in black and white in the report. … As far as the numbers being inflated, where do you think we got the numbers from? We got it from the Treasury Department, we got it from the Federal Reserve. … If these numbers are inflated, it’s because they inflated them when they put them out in the public, not because of us.” …

“Perhaps their criticism is that we dare to do math,” he said. He added that his team tried to convince the Treasury that they were wrong, and that recipients should be required to report on how they use the federal funds, and those should be shown to the American people so that they know it’s “not being thrown into a black hole.”

Barofsky comes close to getting the problem right.  He’s doing math.  The White House calculates.  There’s a big, big difference.

I seem to recall when Barack Obama promised the most open and transparent administration ever.  Since his inauguration, Obama has fired one IG for daring to oppose a sweetheart settlement with a political ally, allowed another to get dumped by the agency she oversaw, and now have publicly feuded with Barofsky.  Earlier, they tried to limit his authority by claiming that Barofsky didn’t work independently of Treasury, which got a stern letter from Senator Charles Grassley.  It looks as though the White House has declared war on transparency, and especially the IGs who exist to provide it.

Tapper has the interview up as a podcast; be sure to download and listen to it.


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Holy hell a journalist that actually does his/her job consistently.

gsherin on July 25, 2009 at 9:08 AM

We had to have wunderkid Geithner for this?? These people are idiots!!! This is not rocket science and the whole premise of not being able to track the funds once they have been distributed is complete BS.

Geithner should be arrested for intention fraud, as well as certain people in Justice…

catlady on July 25, 2009 at 9:09 AM

“I think that the Treasury Department ought to read the report before they make comments,

LOL, you expect them to read something, when we have a congress that passes bills they have not read and President that says police acted stupidly when he has no facts.

Wade on July 25, 2009 at 9:09 AM

Zeros? Just Zeros?

BPD on July 25, 2009 at 9:09 AM

This guy isn’t a journalist, but a special inspecter..

catlady on July 25, 2009 at 9:10 AM

Sorry inspector, too early for spelling.

But then again, what do we expect from Obambi’s thugs? The career bureaucrats must be starting to get real nervous…

catlady on July 25, 2009 at 9:11 AM

Didn’t Obama have a sit-down with Mr. Barofsky?

If so, evidently he wasn’t counting on Mr. Barofsky having a spine, and overestimated his persuasive powers.

Rebar on July 25, 2009 at 9:11 AM

I think that the Treasury Department ought to read the report before they make comments,

We have pwoplw here at HA that comment on things they haven’t read all of the time. They’re all knowing and seeing.

thomasaur on July 25, 2009 at 9:13 AM

Oh please thomasaur it’s too early to rag on people at HA ….

catlady on July 25, 2009 at 9:14 AM

pwoplw s/b people
sheesh

thomasaur on July 25, 2009 at 9:15 AM

Barofsky will be chained to Gerald Walpin in the Americorps/ACORN run gulag.

J.J. Sefton on July 25, 2009 at 9:15 AM

Oh please thomasaur it’s too early to rag on people at HA ….

catlady on July 25, 2009 at 9:14 AM

just warming up the sarcasmatron

thomasaur on July 25, 2009 at 9:16 AM

Ok, so who reigns this in? This is treason…they are killing this country by bleeding it dry. Can we stop this?

javamartini on July 25, 2009 at 9:16 AM

Tapper is the only real journalist and has a bright future. The others are Obama’s lap dogs and many years from now, will regret the missed opportunities caused by their infatuation.

pearson on July 25, 2009 at 9:16 AM

We have pwoplw here at HA that comment on things they haven’t read all of the time. They’re all knowing and seeing.

thomasaur on July 25, 2009 at 9:13 AM

anonymous commenters on HotAir = Treasury Department?

weewilly on July 25, 2009 at 9:19 AM

The rate at which the Treasury is selling notes and bills and bonds in the coming week, works out to 12 trillion dollars per year, if annualized. Now they don’t do it every week, but nevertheless, the #’s are becoming STAGGERING! No gov’t could possibly sell that much debt, and no country would ever buy it. Obama acts like there is no limit to how much money the Treasury can borrow.

JiangxiDad on July 25, 2009 at 9:19 AM

I know what the problem is; Barofsky forgot to take the dreaded “profit and earnings ratios” into account. That changes everything and shows that the Washington junta is only going to spend $3.72 instead of the twenty three trillion. It’s all about the “profit and earnings ratios”.

You’d think that those working for the administration would pay attention to the stupidity that comes spilling out of The Precedent’s mouth. It makes a difference.

progressoverpeace on July 25, 2009 at 9:21 AM

Report? We don’t need to read not stinkin’ report!

boomer on July 25, 2009 at 9:23 AM

I predict this guy becomes “disoriented” real soon, and loses his job just after. “Sure we fired him. He was cwazy, after all!”

Rational Thought on July 25, 2009 at 9:24 AM

The numbers are so large now, they no longer matter. Long before commitments/obligations of this magnitude were demanded or required the US would cease to exist in its current form. By then we would probably be some combo of Soylent Green meets Orwell.

The Soylent Green part gets its baby legs next week when the House passes their version of the Health care bill.

Det. Thorn: I know, Sol, you’ve told me a hundred times before. People were better, the world was better…
Sol: Ah, people were always lousy… But there was a world, once.
[Thorn chuckles]
Sol: I was there, I can prove it! When I was a kid, you could buy meat anywhere! Eggs they had, real butter! Not this… crap!

[last lines]
Det. Thorn: It’s people. Soylent Green is made out of people. They’re making our food out of people. Next thing they’ll be breeding us like cattle for food. You’ve gotta tell them. You’ve gotta tell them!
Hatcher: I promise, Tiger. I promise. I’ll tell the exchange.
Det. Thorn: You tell everybody. Listen to me, Hatcher. You’ve gotta tell them! Soylent Green is people! We’ve gotta stop them somehow!

patrick neid on July 25, 2009 at 9:27 AM

OMG.

Barry:

” Hello, Mr. Barofsky, yeh listen buddy, could you stop in and see me, uh, at the White House sometime soon?”

fogw on July 25, 2009 at 9:28 AM

et. Thorn: You tell everybody. Listen to me, Hatcher. You’ve gotta tell them! Soylent Green is people! We’ve gotta stop them somehow!

patrick neid on July 25, 2009 at 9:27 AM

I think BO and his posse have been on Soylent Green for awhile. I mean just look at them, its clear they are suffering from Mad Human Disease.

jbh45 on July 25, 2009 at 9:32 AM

I want some of that sweet sweet don’t-have-to-account-for-it-black-hole TARP cash. I promise to use it well, my friends. Very very well.

Bob's Kid on July 25, 2009 at 9:32 AM

Go Jake!

white house=fuzzy math

cmsinaz on July 25, 2009 at 9:34 AM

Ok, so who reigns this in? This is treason…they are killing this country by bleeding it dry. Can we stop this?

javamartini on July 25, 2009 at 9:16 AM

Remember those friends of your who had the Obama bumber stickers and yard signs last fall? As you watch your country be gobbled up by the left’s thugs and villians, please remember that those neighbors are the people who did this to you. They voted to kill your country because they thought someone was really going to give them something for nothing.

Elections do have consequences, and while those folks had every right to vote for who they wanted, they have no right now to avoid taking the blame for the result. Every time you see anoother peice of the Alansky puzzle unfold, turn that anger toward those stupid pinheads that voted for this. Don’t do business with them. Don’t stop at their yard sales, visit their place of business, or tolerate their presence in yours. Let them know very pointedly that you blame them personally for this attack on your country and your way of life. Do not let them sakte by say, “I didn’t know” They knew. This is what the left has wanted for years.

MikeA on July 25, 2009 at 9:35 AM

You’ve gotta tell them! Soylent Green is people! We’ve gotta stop them somehow!

patrick neid on July 25, 2009 at 9:27 AM

on a related note soylent green comes on TCM tonight at 6pm, and no i’m not a shill for TCM…but it pwns.

weewilly on July 25, 2009 at 9:42 AM

The total potential federal government support could reach up to $23.7 trillion,” he stated. But in the report accompanying his testimony, Mr. Barofsky conceded the number was vastly overblown. It includes estimates of the maximum cost of programs that have already been canceled or that never got under way.

It also assumes that every home mortgage backed by Fannie Mae or Freddie Mac goes into default, and all the homes turn out to be worthless. It assumes that every bank in America fails, with not a single asset worth even a penny. And it assumes that all of the assets held by money market mutual funds, including Treasury bills, turn out to be worthless.

It would also require the Treasury itself to default on securities purchased by the Federal Reserve system. The sheer unreality of the number did not stop some members of Congress from taking the estimate seriously.

thanks for the realistic estimate, idiot.

sesquipedalian on July 25, 2009 at 9:43 AM

These people just make me feel so safe and secure. We’ve got to band together and get rid of this morons as quickly as possible.

rplat on July 25, 2009 at 9:43 AM

Figures can’t lie, but liers can figure.

jbinnout on July 25, 2009 at 9:48 AM

Let them know very pointedly that you blame them personally for this attack on your country and your way of life.

MikeA on July 25, 2009 at 9:35 AM

I have told my family members that I hold them responsible for Obama and what he says and does. They are incredulous that I feel this way. They claim they see no connection between their vote and what Obama does. Holding them responsible for any of it is insane in their view. Nevertheless, I continue to hold them responsible. Until Obama and the liberals lose power, I don’t have anything to do with anyone who voted for them.

JiangxiDad on July 25, 2009 at 9:48 AM

Math is fun

blatantblue on July 25, 2009 at 9:49 AM

I don’t have anything to do with anyone who voted for them.

JiangxiDad on July 25, 2009 at 9:48 AM

I’m glad that I’m not the only one who feels like this, there are members of my family that I simply will not talk to.

thomasaur on July 25, 2009 at 9:51 AM

Look for Neil Barofsky in an unemployment line soon. He’s certainly set himself up to be fired.

Oh, and the Zero reached a new milestone today at Rasmussen, showing his health control speech didn’t go over well. – 9 and climbing. 51% disapproval rating.

katablog.com on July 25, 2009 at 9:53 AM

Brings to mind this satire entitled “Giant U.S. Money Leak Ruins Floors Throughout China” http://optoons.blogspot.com/2009/07/giant-us-money-leak-ruins-floors.html

Mervis Winter on July 25, 2009 at 9:54 AM

Do you think the White House will respond: “He voted for McCain”?

bloggless on July 25, 2009 at 9:54 AM

Mr. Barofsky conceded the number was vastly overblown.

Well no, that’s really not the truth. What Barofsky did was inform the American people what the total commitments of the US were. He didn’t allege that this money would be spent but rather that this is the amount of money the US Congress and Zero have committed.

katablog.com on July 25, 2009 at 9:58 AM

thanks for the realistic estimate, idiot.

sesquipedalian on July 25, 2009 at 9:43 AM

Thanks for quoting from Obama’s shill, the New York Times.

fogw on July 25, 2009 at 9:59 AM

Oh, and anyone know whatever happened to those toxic assets legacy assets the banks were suppose to be selling off and getting off their books?

katablog.com on July 25, 2009 at 10:00 AM

Act on Hondorus: Did not know all the facts.
Comment on Gates Incident: Did not know all the facts.
Lambast Barofsky: Did not know all the facts [of his report].
Jerimiah Wright: Did not know his true feelings after 20 years.

Why would a man feel so confident to make comments about things he does not understand? He is a Narcissist! It is about the O!!!

WashJeff on July 25, 2009 at 10:02 AM

We can deal with this easily and without crippling the full value, faith, and trust of the US Dollar. We must immediately institute and print 24 trillion Obamabucks. Obamabucks will serve as legal tender used for affording all the initiatives of TARP. Firms and individuals willing to engage in TARP projects will be remunerated with this legal tender. Of course, the exchange rate with the US dollar will be steep, but those who swap paper will think their trading foreign currency and be ok with it. The Obamabuck will need its own symbol – I’m thinking the “null” symbol – Ø.

ericdijon on July 25, 2009 at 10:05 AM

I told a conniving accountant in a meeting one time, “well, my grandpa always told me figures don’t lie, but liars figure”. He didn’t like that too much. Seems to fit here too.

conservnut on July 25, 2009 at 10:06 AM

I seem to recall when Barack Obama promised the most open and transparent administration ever.

This is one promise he’s keeping.
His administration is openly socialist and transparently corrupt.

single stack on July 25, 2009 at 10:11 AM

The “White House” is so entangled in its own incompetence that it can only retort with loud noises and accusations. This country is being destroyed from the top and somebody had better take notice or prepare to lose it all.

rplat on July 25, 2009 at 10:13 AM

I don’t have anything to do with anyone who voted for them.

JiangxiDad on July 25, 2009 at 9:48 AM
I’m glad that I’m not the only one who feels like this, there are members of my family that I simply will not talk to.

thomasaur on July 25, 2009 at 9:51 AM

I still talk to them, but I hammer them relentlessly at every oppourtunity I find.

I was at a gas station the other day and some lady walks up to me to ask me for change so she could buy gas…I smiled at her and politely asked who she voted for( she was wearing an Obama shirt), she looked a bit perplexed and then smiled and said Obama! I looked at her still smiling and said, good, go ask him for some change.

This is completely out of my character…but it felt really good.

javamartini on July 25, 2009 at 10:14 AM

It includes estimates of the maximum cost of programs that have already been canceled or that never got under way.

thanks for the realistic estimate, idiot.

sesquipedalian on July 25, 2009 at 9:43 AM

From your linked NYT article:

“We’re not suggesting that we’re are looking at a potential loss to the government of $23 trillion,” he said. “Our goal is to bring transparency, to put things in context.”

Asked what he thought the maximum total cost could be, he replied that it was not his job to estimate that, and declined to give a figure.

He did not give an “estimate of cost,” he provided a numerical figure of the total “commitments” the govt. has made.

If you don’t see the difference….

cs89 on July 25, 2009 at 10:14 AM

Barry wouldn’t have these problems if Congress would only give him the ‘special powers’ he needs to turn this country around. You know, the same powers that the Castro brothers and Hugo Chavez have.

Heil Obama!

GarandFan on July 25, 2009 at 10:16 AM

I’m glad that I’m not the only one who feels like this, there are members of my family that I simply will not talk to.

thomasaur on July 25, 2009 at 9:51 AM

I don’t like it–in fact I hate it. And I could smooth things over by backing down. But I just can’t. Someday, when this is all over, I hope and pray they will have learned the error of their ways and we’ll reconcile quite naturally. But if that doesn’t happen, I’ll have to stick to my convictions. It turns out I don’t seem to have any choice. Guess it’s just part of who I am.( Now if you’re holding a gun to my wife’s or kids’ head, I’ll say and do anything you want.)

JiangxiDad on July 25, 2009 at 10:18 AM

uh oh. He said, ‘being thrown into a black hole’

racist

bridgetown on July 25, 2009 at 10:20 AM

JiangxiDad on July 25, 2009 at 10:18 AM

That mirrors my sentiments exactly. You are a good egg JD, standing hard with one’s convictions isn’t always easy but it is always necessary.

thomasaur on July 25, 2009 at 10:24 AM

I don’t have anything to do with anyone who voted for them.

JiangxiDad on July 25, 2009 at 9:48 AM

Whenever I meet someone who is an Obama fan, I say to myself: I’m likely dealing with an intolerant bigot here. Good to know.

Rational Thought on July 25, 2009 at 10:24 AM

( Now if you’re holding a gun to my wife’s or kids’ head, I’ll say and do anything you want.)

JiangxiDad on July 25, 2009 at 10:18 AM

Then you DO understand the Obama way.

Rational Thought on July 25, 2009 at 10:25 AM

When will democrats pick up on discipline? I mean, the act of administrating, void of any political implications, should involve capable, disciplined individuals. A public feud? Really? Over this number? White House couldn’t just say something about “preliminary finding” and “further comment at some point later”? Like, diffuse the situation. But nooooooooooooo public feud over this, just like that whole CIA/assassinations/Panetta/Pelosi spat they had.

No discipline, this crowd.

ernesto on July 25, 2009 at 10:30 AM

“They’ve failed to adopt some very basic recommendations we’ve had toward transparency,” he said.

You don’t say…..

Texas74 on July 25, 2009 at 10:44 AM

He did not give an “estimate of cost,” he provided a numerical figure of the total “commitments” the govt. has made.

If you don’t see the difference….

cs89 on July 25, 2009 at 10:14 AM

the problem is that it emboldens people like ed to write things like “the Obama administration had committed itself to spending as much as $24,000,000,000,000 to fix the American economy.” for the reasons linked above, it’s absolute nonsense.

sesquipedalian on July 25, 2009 at 10:49 AM

pwoplw s/b people
sheesh

thomasaur on July 25, 2009 at 9:15 AM

Talking about people who don’t read, I almost googled that in the earlier post to find out what the heck it stood for.

Cindy Munford on July 25, 2009 at 10:50 AM

sesquipedalian on July 25, 2009 at 10:49 AM

But I bet you think the numbers the Treasury Dept. put out are just ducky. The numbers are out there and possible, it needs to be considered.

Cindy Munford on July 25, 2009 at 10:52 AM

So when does it become official that the United States is bankrupt?

albill on July 25, 2009 at 10:53 AM

Talking about people who don’t read, I almost googled that in the earlier post to find out what the heck it stood for.

Cindy Munford on July 25, 2009 at 10:50 AM

I’m missing the pinky on my left hand and have to shift it back and forth and sometimes don’t shift back. or is it forth?

thomasaur on July 25, 2009 at 10:56 AM

According to Barfosky (per the podcast), he’s a Democrat and he made contributions to Obummer’s campaign. Wonder if he’d like some of that money back?

ieplaya on July 25, 2009 at 11:03 AM

( Now if you’re holding a gun to my wife’s or kids’ head, I’ll say and do anything you want.)

JiangxiDad on July 25, 2009 at 10:18 AM

Only to buy you an opportunity to plug the fscker ;)

LimeyGeek on July 25, 2009 at 11:08 AM

Treasury needs to calibrate it’s calculations.

ICBM on July 25, 2009 at 11:11 AM

Remember those friends of your who had the Obama bumber stickers and yard signs last fall? As you watch your country be gobbled up by the left’s thugs and villians, please remember that those neighbors are the people who did this to you. They voted to kill your country because they thought someone was really going to give them something for nothing.

Elections do have consequences, and while those folks had every right to vote for who they wanted, they have no right now to avoid taking the blame for the result. Every time you see anoother peice of the Alansky puzzle unfold, turn that anger toward those stupid pinheads that voted for this. Don’t do business with them. Don’t stop at their yard sales, visit their place of business, or tolerate their presence in yours. Let them know very pointedly that you blame them personally for this attack on your country and your way of life. Do not let them sakte by say, “I didn’t know” They knew. This is what the left has wanted for years.

MikeA on July 25, 2009 at 9:35 AM

I’m sorry,but this won’t work. Politically these people are true morons.They vote based on looks and snappy slogans. They don’t want to be confused with facts. They will simply spout whatever the marketing firm came up with for a slogan.
THe so desperately want to be “cool”so of course they back the party of “cool”,as described by the Hollywood left.

Jeff from WI on July 25, 2009 at 11:14 AM

Barry and his Democrats are the pocket of Big Banksta.

Rae on July 25, 2009 at 11:30 AM

So when does it become official that the United States is bankrupt?

albill on July 25, 2009 at 10:53 AM

24 hours after it becomes official that the U.S. was turned into a kleptocracy?

econavenger on July 25, 2009 at 11:40 AM

Our Halfrican Messiah has his own base-left math with which to do guesstimates. He passes the numbers to Turbo-Tax Cheat Timmy who then spews them out to the public. 0bama could give Jeff Dunham lessons in having dummies speak.

GeneSmith on July 25, 2009 at 11:52 AM

Neil Barofsky has learned the old adage, that, “Figures don’t lie, but, liars do figure.”…………

DL13 on July 25, 2009 at 11:59 AM

“Perhaps their criticism is that we dare to do math,” he said.

Gotta love that answer.

ThereGoesTheNeighborhood on July 25, 2009 at 12:05 PM

What’s the big deal, it’s only 24 and a few zeros. Okay, a lot of zeros, but still… it’s not like it’s OUR money or anything. /sarc

JusDreamin on July 25, 2009 at 12:11 PM

The White House calculates.

They also can “calibrate”

CWforFreedom on July 25, 2009 at 12:12 PM

If anyone is planning on blowing the whistle on Obama, they’d better figure out right now they will be Vince Fosterized.

Jeff from WI on July 25, 2009 at 12:14 PM

the problem is that it emboldens people like ed to write things like “the Obama administration had committed itself to spending as much as $24,000,000,000,000 to fix the American economy.” for the reasons linked above, it’s absolute nonsense.

sesquipedalian on July 25, 2009 at 10:49 AM

It emboldens Ed to write factually accurate statements? Seems a better criticism is that it emboldens trolls to write nonsense.

This number is derived from adding the maximums, the “caps” on all these programs. These “caps” are the financial commitments that have been made.

For someone whose handle is based on the term for really long words, you seem to be having trouble with the phrase, “as much as.”

ThereGoesTheNeighborhood on July 25, 2009 at 12:18 PM

sesquipedalian on July 25, 2009 at 10:49 AM

You are so bought and paid for

Too bad our kids will pay for your cowardice

CWforFreedom on July 25, 2009 at 12:18 PM

Even another internet wouldn;t help us this time. It helped back in CLinton days to pick up everything and get it soaring. After Gore invented it that is.

johnnyU on July 25, 2009 at 12:24 PM

The same people who celebrate the Clinton years are the ones who decry the me-ism and consumerism that drove that economy .

CWforFreedom on July 25, 2009 at 12:34 PM

We have pwoplw here at HA that comment on things they haven’t read all of the time.

thomasaur on July 25, 2009 at 9:13 AM

or proofrwwding.

I’m totally going to steal that, btw. I hate the term “peeps”.

TexasDan on July 25, 2009 at 12:38 PM

This number is derived from adding the maximums, the “caps” on all these programs. These “caps” are the financial commitments that have been made.

For someone whose handle is based on the term for really long words, you seem to be having trouble with the phrase, “as much as.”

ThereGoesTheNeighborhood on July 25, 2009 at 12:18 PM

the point is that it’s like calculating the costs of health care reform and assuming that all insured Americans will be sick at once – it’s possible in theory but the result is useless as a true measure.

sesquipedalian on July 25, 2009 at 12:42 PM

TexasDan on July 25, 2009 at 12:38 PM

I’m missing the pinky on my left hand and have to shift it back and forth and sometimes don’t shift back. or is it forth?

thomasaur on July 25, 2009 at 10:56 AM

Don’t hate me because my handicap. ; – )

thomasaur on July 25, 2009 at 12:42 PM

thomasaur on July 25, 2009 at 10:56 AM

Okay, I feel guilty. Seriously though, I thought it was a computer savvy shortcut that only I didn’t know.

Cindy Munford on July 25, 2009 at 12:45 PM

We are going to look like an African third world nation by the time he is done.

jukin on July 25, 2009 at 12:47 PM

sesquipedalian on July 25, 2009 at 12:42 PM

On commitments versus costs. Who is evaluating risks of the commitments and from what perspective? Barney Frank? The point is our GOVERNMENT has agreed to “make available” huge amounts for political/governmental purposes without accountability nor is it disclosing the aggregate exposure and means for evaluating whether it is prudent. This is gigantic endeavor simply not the business of the federal government.

clorensen on July 25, 2009 at 1:13 PM

Barofsky is learning the difference between being hired to do your job and being hired to do their bidding. His Democratic Party credentials helped get him the position, but he mistakenly thought they actually wanted him to run the numbers honestly, instead of just rubber stamping whatever came down the pike once Obama was in office.

Hopefully Tapper or someone else (most likely at Fox News or one of the conservative magazines) will get back with Barofsky a month or two from now and see how much more he’s had to put up with from his fellow party members.

jon1979 on July 25, 2009 at 1:26 PM

Barofsky forgot to take the dreaded “profit and earnings ratios” into account. That changes everything

Not only that, but he’s ignoring the arugula index.

guntotinglibertarian on July 25, 2009 at 1:27 PM

the point is that it’s like calculating the costs of health care reform and assuming that all insured Americans will be sick at once – it’s possible in theory but the result is useless as a true measure.

sesquipedalian on July 25, 2009 at 12:42 PM

No, the point it that the Government is Guarenteeing all these things. Thus, they HAVE NO RISK!

Thus, the folks involved in these businesses and industries can take stupid risks, and make stupid descisions because the Government is backing them.

Prolbem is that the Free Enterprise system needs both Risk, and Reward. We have now taken the Risk out, and therefore the Weak and Stupid will continue to drag the economy into a cesspool of non performance.

Romeo13 on July 25, 2009 at 1:31 PM

Thank you Barofsky and Tapper. When Obama has you fired, there will always be a spot on Fox News. They’re going to have to open up a second news network soon to counter the propaganda from Obama and the MSM.

Christian Conservative on July 25, 2009 at 1:34 PM

Oh, and anyone know whatever happened to those toxic assets legacy assets the banks were suppose to be selling off and getting off their books?

katablog.com on July 25, 2009 at 10:00 AM

From what I understand, mark to market rules were changed thus eliminating the need to immediately sell the toxic assets. Which a lot of conservatives before TARP were saying was a better way of dealing with the problem without throwing $700 billion but we are where we are.

jarodea on July 25, 2009 at 1:49 PM

I’m sorry,but this won’t work. Politically these people are true morons.They vote based on looks and snappy slogans. They don’t want to be confused with facts. They will simply spout whatever the marketing firm came up with for a slogan.
THe so desperately want to be “cool”so of course they back the party of “cool”,as described by the Hollywood left.

Jeff from WI on July 25, 2009 at 11:14 AM

What will Obama’s slogan be in 2012? Yes We Can…..With a 12 percent unemployment rate. Tee hee.

I agree about the Hollywood Left and the “cool factor.” They are such a joke on these late-night shows. One crappy-ass joke about Sarah Palin and the crowd goes wild. Jimmy Fallon dared to make fun of the Clintons’ marriage the other night and got booed. The fact that the audience is even there just testifies to the celebrity-worship that these morons practice. Dana Carvey called Obama a “rock star” president and the crowd went wild. Try complimenting Bush and he’d have a javelin thrown at him.

NathanG on July 25, 2009 at 1:53 PM

No, the point it that the Government is Guarenteeing all these things. Thus, they HAVE NO RISK!

Thus, the folks involved in these businesses and industries can take stupid risks, and make stupid descisions because the Government is backing them.

Prolbem is that the Free Enterprise system needs both Risk, and Reward. We have now taken the Risk out, and therefore the Weak and Stupid will continue to drag the economy into a cesspool of non performance.

Romeo13 on July 25, 2009 at 1:31 PM

That’s pretty much the issue. It was the same with Fannie and Freddie, conservatives worried about the growing trillions the government was backing while democrats argued it was no big deal, it’s not like it will all go bad at once and it was worth rolling the dice over to get more houses for poor people.

No we didn’t end up paying out the full amount but we’ve paid out a large fraction directly and indirectly and that only comes to around $2 trillion. That’s the main issue here, people will take stupid risks and the government could very easily be left with a bill totalling a large fraction of $24 trillion. Even if it is a small risk, that is a global economy crashing outcome if it happens. Something we should be thinking about, but I must say it sure would be easier to blindly follow the NYT and Obama nd believe nothing can go wrong. Shame reality doesn’t allow it.

jarodea on July 25, 2009 at 1:53 PM

Thank you Barofsky and Tapper. When Obama has you fired, there will always be a spot on Fox News. They’re going to have to open up a second news network soon to counter the propaganda from Obama and the MSM.

Christian Conservative on July 25, 2009 at 1:34 PM

Tapper and Stossel make ABC News tolerable. Fox News would be a great channel with Tapper on it if he ever leaves ABC News. The same with Stossel.

NathanG on July 25, 2009 at 1:56 PM

JiangxiDad
thomasaur

I have 4 brothers who all voted for the Zero. Three have major BDS and can do nothing but talk about Bush. We got into it last month when I was home. The big mouthed one went all apeshit about how many people Bush has killed blah, blah. Wanted him to talk about Obama since Bush isn’t president anymore. Didn’t really want to talk about him. Hmmm…I said why don’t you want to talk about the radical you put in the White House? “What? We know Barack Obama. My son, (my nephew, who campaigned for him and is a sophomore at Wharton) informed us all about him. We know the man.” Oh really? Do you know that his grandparents were member of the “little red church” on the hill when the lived in Washington state? Do you know what his mother’s name is? Not Ann, Stanley? Blank looks. Do you know who Frank Marshall Davis is? CPUSA member? Do you know that is? Yeah, you know Barack Obama…this conversation’s over. Night.

JAM on July 25, 2009 at 2:04 PM

How many zeros is that? My God, these people are insane.

jimmy2shoes on July 25, 2009 at 2:11 PM

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