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Geithner: Bailouts cost less than 1 percent of US gross domestic product

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AFP
April 25, 2010

US Treasury Secretary Timothy Geithner told top lawmakers Friday that much-criticized bailout programs in response to the 2008 economic meltdown will cost no more than 87 billion dollars.

Geithner’s letter came as the US Senate braced for a critical procedural vote Monday on legislation to enact President Barack Obama’s plan to rein in Wall Street and prevent another worldwide collapse.

“A year ago, we estimated that our support of the financial system could cost more than 500 billion dollars or 3.5 percent of GDP. We now expect that the direct cost of all our interventions will cost less than one percent of GDP,” he wrote.

The 700-billion-dollar Troubled Asset Relief Program (TARP), the US government effort to rescue the financial system, cleared Congress at the height of the financial crisis in October 2008 amid dire warnings of economic collapse.

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This article was posted: Sunday, April 25, 2010 at 5:24 am





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