Monday, November 10, 2008

Bailout MUCH Bigger Than You Thought

"The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return."

Bloomberg.com: Worldwide

The bailout of banks isn't helping the U.S. It is helping bankers. It's not even exclusively helping U.S. bankers. It's also helping foreign foreign bankers. Your TRILLIONS of tax dollars at work folks. We could have updated the ENTIRE transportation system in the U.S. for that money. But, you dupes listened to the talking heads in the media who parroted what they were told, saying we HAD to have a bailout or the "system" would collapse. People today can be scared into giving it all away these days, I swear. Freedoms, rights, money...they'll give it all away if those that wish it given just use scary enough words. When will they learn that those in gov't aren't working for "the people," they are working for themselves?

1 comment:

Jason said...

The Fed is transparent in that it is subject to the oversight of Congress. Is twice a year not fast enough? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. Legislation requires that the Federal Reserve reports annually on its activities to the Speaker of the House of Representatives.

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