Skip to main content

Steve Liesman: Everybody Chill, The $23.7 Figure Is Fiction

  • Author:
  • Updated:

Ladies, be cool. CNBC's Steve Liesman got his Treasury buddies on the horn, and contrary to what Inspector General Neil Barofksy would like us to think--that the total potential federal government support could reach up to $23.7 trillion-- Liesboy is told that ain't gonna happen, for three reasons:
A) We've only laid out $2 trillion so far, meaning we'd actively have to work hard to burn through another 21 trill
2) Barofksy fails to take into account "charges, fees, and somesuch" the government will get to compensate the taxpayer for risk
D) Ne-Bar also let's it slip his mind that we've got assets on the other side, which will offset some of the risk.
All that being said, Big Steve acknowledges the Treasury doesn't supply a counter number, meaning it's probably $23.7 trillion if not more, which is just going to kill Jesus when he finds out.