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FBN’s Lou Dobbs on the government’s rising debt and Treasury Secretary Timothy Geithner’s comments on the profit to taxpayers from TARP when it ...
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One apologize again for coughing and we're gonna do some I know this is not the way we're supposed to do rather this kind of broadcast from gonna have to hold a cup of -- if I may.
-- fuel and I've put up -- be as I try to get through.
This whole body -- a -- -- for.
Thomas how equipped and it's just decided to show me that I don't where.
I wanna go to the point that we -- right.
Now we are now building our debt.
Well and access.
Of our GDP.
And it's no longer among -- -- The fact is that we are now spending.
454.
Billion dollar us.
454.
Billion dollars simply to service.
The national.
Debt.
And that is extraordinary.
-- that and what does it amount to.
It amounts to well it.
The fact of the matter is it amounts to if we see one or 2% increase in interest charges on this -- amount of what we're spending.
On Social Security.
What we're spending on defense.
Could equally annual budget that each of those if we see an increase of one to 3%.
Which by the way historically.
Five to 6%.
Of has been our historical.
Interest rate charges on US debt right now it's 3%.
Folks we are headed for an absolute fiscal -- there's so many people are now talking about it Washington DC.
But what this number suggests right here.
Is that the physical.
-- Is at -- And it is now inexcusable for either political party.
Not to look at precisely the impact of the concert in the consequences.
Of the public policies -- report.
Treasury Secretary Geithner by which is just an example.
Has been quoted as saying quote.
Our investment.
In banks is also delivered a significant profit for taxpayers talking about art and the balance.
What's -- crazy to me is a lot of people actually believe that statement from our Treasury Secretary.
The TARP was turning a profit.
We learned this week that it hasn't worked out quite that way and we learn.
The taxpayers -- back and actually lose about sixty billion dollars just on this one program sixty billion dollar.
-- -- You'd be amazed how many people actually -- -- is now profitable investment for the American taxpayer.
If that's not enough proof of -- in conceived.
Ill conceived these administration bailouts were.
Now there 350 small bank to can't even afford to repay some fifteen billion dollars.
In loans and they're missing quarterly payments to the -- by the way.
Those aren't even the worst offenders.
Let's let's put up some names you really you know very well.
Let's start with -- like this one's best AIG.
-- AIG -- taxpayers nearly forty billion.
Forty billion all right it's small.
Closed mountains and overwhelming to our.
The Treasury Department.
General Motors -- 27.
Billion dollars.
-- seven.
Billion.
-- and formally GM AC now ally financial fourteen and a half billion that number's not even bigger have to put up on the wall.
In all we're looking at a 120 billion dollars in TARP -- still owed to taxpayers.
We hold this 77% stake in AIG a quarter of GM by the way we're doing gut.
Those numbers come from none other than the government watchdog -- overseas.
That's right the TARP program.
And secretary.
Of the treasury.
-- Timothy Geithner and everyone who works for him.
And oversight seems like it's a necessary function right now in Washington.
