Posted on 09/03/2012 4:59:19 AM PDT by wesagain
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.
The non-partisan, investigative arm of Congress also determined.......
(Excerpt) Read more at sanders.senate.gov ...
The Federal Reserve Bank is not a Federal agency but a privately owned corporation. This is the fundemental problem with the federal reserve bank. We, as a nation, are in debt to the amount of approx 16trillion dollars. The Federal Reserve bank bascially just gave away 16 trillion dollars that they accumulated by running our treasury. If the government ran it directly, one could conclude that we wouldn’t be in debt. Further one could make the arguement that if the Federal Reserve hadn’t existed in the first place that the course of government growth wouldn’t have occured.
I didn’t realize that there had been an audit of the FED. How is it possible that all of the GOP best and brightest and everyone else have missed this???
Because the GOP candidates don’t want to take on the Fed.
Because so much of the GOP establishment has invested so much time and effort in labeling Ron Paul as a “nutjob” and Ron Paul has been the only GOP candidate calling out the Fed, the GOPe has decided that no one shall question the Fed... because doing so is what makes one a nutjob.
Interesting point, ‘creek. Thanks.
You just might be right on the money.
Makes me wonder about the state and federal land grab going on right now as well.
Because many are being conned into attacking the likes of Todd Akin for an inadvertent comment when the truth he is probably being singled out for defeat because he voted for this audit of the FED.
How much of this money has filtered its way back into Rove's Crossroads GPS???
“Where in the world do people like Bernanke get the idea that we can loan $16 TRILLION to banks around the world when we are broke and are financed by Chinese Communists? This is truly insane.”
Most cover-ups go over the line into unreality. An expectable crash began not long ago and they, in their terror, MUST believe that it is fixable. None of that mone “lent” actually even exists anywhere.
We may have to make a "new dollar" and start over after all the damage the leftist have done to us.
Bingo
I’m sure you are right.
Rove needs to go......
The graph on page 137 appears to show that all of the loans have been repaid. That seems hard to believe.. The big question, is how many billions did the create out of thin air to cover the losses that it did have.
I don’t know if this was a full audit of the Fed, or just an audit of the loans (money created out of thin air) they made to various institutions during the financial crisis.
And didn’t Ron Paul continue his calls for an audit of the Fed all during the presidential primaries of 2011 and 2012? I think he did, plus probably introducing more bills requiring an audit.
They dont even know what happened to it after they gave it away...well somebody does. that money went somewhere.
” makes me wonder about state and federal land grabs” ...yes it does make us wonder.
To put that in perspective, the total value of all residential mortgages in the U.S. is around $14 trillion. For that money the Fed could have paid off every home mortgage in the country and still had enough left over to give every man, woman, and child in the country a check for $6,000.
You're right. And notice how this doesn't have anything to do with capitalism. It's all about government-subsidized corporate welfare.
Ultimately, it's just highway robbery of the American People, willingly permitted by all branches of our government.
It's the kind of mindless criminal bullshit which is used by marxists and socialists to seduce people into embracing false, freedom-robbing solutions, when all we really need to do is STOP the counterproductive, runaway subsidization of both corporations and the People, and put the criminals who have done this behind bars...
As you indicated.....it’s all a matter of perspective.
As in the investigstion of Jon Corzine at MF Global - when it’s all said and done they don’t have enough info to indict anyone. They can’t figure out where over a billion dollars went. Someone placed the orders and someone’s accounts were increased. And they don’t know nuttin! Yet the IRS seems to be able to figure out where you hid 3 dollars in 1997. It’s all BS!
It’s not bs...It’s stealing from taxpayers.
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