Wednesday, November 12, 2008

Fed won't account for $2 Trillion of Bailout

A lead from dad2059 inspired me to link to this Bloomberg article about the Federal Reserve and their refusal to tell us what they are doing with our money. Looks like they are doing business as usual, using it for their own gain and manipulation of the sheeple...G:

Fed Defies Transparency Aim in Refusal to Disclose

By Mark Pittman, Bob Ivry and Alison Fitzgerald

Nov. 10 (Bloomberg)

Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergencyloans 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 withcongressional 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.

$ and this fromThe Bailout Sleuth $

A change in plans

By Chris Carey on November 12, 2008 3:54 PM

Treasury Secretary Henry M. Paulson Jr. confirmed Wednesday what was already becoming apparent -- that the government will not use any of its $700 billion financial-industry bailout fund to buy toxic assets from banks and other institutions.

Those purchases were the basis of the Troubled Asset Relief Program that Congress approved last month. The argument was that removing distressed assets such as mortgage-backed securities from the books of those companies would ease fears about their solvency, free up capital, encourage lending between companies and thaw a frozen credit market.


  1. Thanks for the plug Geez, viral advertisement I'll never turn down!

    Yup, we poor ol' sheeple sure got sheared and butchered for mutton this last go-round.

    But most of us are still in the pasture grazing with an occasional "baaa-aaa!"

  2. You said it Dad, us survivors might get a little cold this winter...


  3. Yo Geez. It's Mama Mia, the Great Gumbeezo. This is a letter from Dawn's Son straight from Iraq. Thought you might be interested:

    "Hey freak nephew here lol.
    Anyway on the war here, if i showed u pics, u would say we shouldnt be here, this country is lost it has been at war with it self since the dawn of time, and there is nothing we can do about it. We honestly havent done anything here in my opinion that has been accredited to terrorists, they are doing what any other country is doing, and fighting the people that invaded there country. Did u know we used Uranium bullets for a while, and the radiation has caused over 200% increase in babies being born with abnormalities, pretty horrible. Since i have been here the only thing i have done is kill the bad Iraqi's and pay the good ones that is it. Dont worry if u would like to no more i can give u plenty of info, when i get home but definatley this country is a lost cause."