Bernanke’s Secret Bailout

This from Bloomberg.com:

“Nov. 10 (Bloomberg) — 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.”

This is a huge problem. An impeachable problem, except we cannot impeach a Fed Chairman or a Secretary in a Presidential administration. This is a complete outrage. It is our money and we should be told where it is going. At least when the U.S. Congress wastes are money they aren’t doing it behind my back.

(HT: Reason Hit & Run)

~Marxsevelt

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Published in: on November 10, 2008 at 7:44 pm  Leave a Comment  
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