Monday, July 20, 2009
I have previously pointed out that "independent experts say that total government spending [for the bailouts] could rise to $20 trillion dollars."
Now, the government’s own watchdog over the various bailout efforts - the special inspector general - says that that number could be $23 trillion dollars in a worst-case scenario.
Treasury argues that that amount will not really be spent, because the worst-case won't happen.
But given that Treasury used "worst case scenarios" for the stress tests that we've already surpassed, does that argument have any credibility whatsoever?