This was on Glenn Beck’s show yesterday.
What a rare moment to see Bernanke so flustered as this very sharp congressman burst into laughter at his pitiful answers. What is not so funny is realizing this man and a few members of the FOMC can literally give away TRILLIONS of tax dollars and refuse to tell Congress who got the money. The Federal Reserve Act of 1913 needs to be repealed NOW.
I am convinced the ONLY reason that our economy and money hasn’t completly crashed is that the magority of people are SO STUPID now they don’t understand the paper is trash...only ignorance is floating the boat.
Our saving grace is no matter how bad things get in the world...most people would come here if they could.
That and our great supply of natural resources is keeping the lid on somehow...
There is a bill that has been introduced by Ron Paul to audit the Federal Reserve and has received overwhelming bipartisan support.
H.R. 1207 Federal Reserve Transparency Act of 2009
And the committee chairman had to butt in and answer one of the questions Bernanke didn’t know the answer to.
Bernanke, another one of Bush’s huge mistakes. Paulson was another.
Not sure what Grayson was going on about, but a swap is not credit. If Fed enters into a swap contract with another central bank they provide USD to that bank in exchange for foreign currency. (There are additional agreements having to do with relative interests rates and there could be an exchange rate agreement as well.) Since the counterparty is a central bank, the risk is close to zero, so this transaction costs United States nothing.
As a rule of thumb, if a liberal tries to make a point he is probably wrong.
He couldn't believe that such an idiot could get elected to Congress.......but then he remembered that most Congressmen are idiots.
What is not so funny is realizing this man and a few members of the FOMC can literally give away TRILLIONS of tax dollars
The Federal Reserve doesn't handle tax dollars, how can they give tax dollars away?