“Put on the line” or “spent?”
Looks more like - spent.
“JPMorgan Chase agreed to take over Bear Stearns for just over one billion dollars last month in a deal backed by “the US central bank which stumped up 29 billion dollars to support the transaction in exchange for collateral from Bear Stearns.”
The Federal Reserve’s backing of the deal was unprecedented and has triggered several congressional investigations into its role as a widespread credit crunch continues to bruise Wall Street.”
The ONLY money the government has is the money it extorts from YOU, the tax payer.
It doesn’t matter. The Fed has no Constitutional authority to appropriate funds, spent or not. That right is reserved to the US House of Representatives.
What the Fed did is illegal and unconstitutional.