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Staggering amount of money printed. Xerox should be proud.
By March 2009, the Fed had committed $7.77 trillion to rescuing the country’s financial system – “more than half the value of everything produced in the U.S. that year,” Bloomberg says.[LEFT]
Read more: Report: Fed bailout neared $8T - MJ Lee - POLITICO.com
[/LEFT]
Actually it is estimated The Federal Reserve has issued up to $16 Trillion in bailouts, many to corporations with no domestic ties or affiliations.
And now the Fed is backstopping $75 Trillion in Bank of America's derivitaves trade, which means European derivatives exposure is now backstopped by U.S. taxpayers.
And there still has never been a full audit on the Fed.
Actually it is estimated The Federal Reserve has issued up to $16 Trillion in bailouts, many to corporations with no domestic ties or affiliations.
And now the Fed is backstopping $75 Trillion in Bank of America's derivitaves trade, which means European derivatives exposure is now backstopped by U.S. taxpayers.
And there still has never been a full audit on the Fed.
Some Democracy, huh?
I thought it was 750 billion in the BOA taxpayer hook?? Oh lord there are too many zeroes anymore. Sad aint it!
The article answers " Whatever happened to Judd Gregg "
Quote:
Judd Gregg, a former New Hampshire senator who was a lead Republican negotiator on TARP, and Barney Frank, a Massachusetts Democrat who chaired the House Financial Services Committee, both say they were kept in the dark.
“We didn’t know the specifics,” says Gregg, who’s now an adviser to Goldman Sachs.
“We were aware emergency efforts were going on,” Frank says. “We didn’t know the specifics.”
Lets see if we can guess what kind of job awaits Barney Franks when he is no longer in congress ?
Let me give you a hint, the banksters love our leaders that know no specifics.
I thought it was 750 billion in the BOA taxpayer hook?? Oh lord there are too many zeroes anymore. Sad aint it!
Yep scary stuff, especially considering that Ron Paul is the only candidate that speaks out about The Federal Reserve and is constantly dismissed by the Media.
I wonder why Obama won't talk about the fact that he kept all of Bush's economic advisors in place and not only failed to fire Ben Bernanke but actually re-appointed him after the 2008 crash that The Fed caused.
"That’s not the worst part, either. As the Fed continues to operate without oversight from the Executive, Legislative and Judicial branches, further bailouts are guaranteed to keep being generated at the cost of the American taxpayer while a recession still seems imminent — if not already occurring. Critics including presidential hopeful Congressman Ron Paul have lobbied to abolish the Federal Reserve once and for all. Could the next president help make that dream a reality? In the meantime, don’t be surprised if billions get borrowed at America’s expense minute by minute"
Print up the money and hand it out to the banks who then turn around and buy up more US debt at interest. Nice scam. Too bad it will collapse taking us all with it.
The article answers " Whatever happened to Judd Gregg "
Lets see if we can guess what kind of job awaits Barney Franks when he is no longer in congress ?
Let me give you a hint, the banksters love our leaders that know no specifics.
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