Fed Lends Two Trillion Without Oversight

So, you know about the Treasury's $700 billion bailout plan. But you probably don't know that the Federal Reserve has lent out about $2 trillion since September. Few do. And that is what's irritating bulldog Congressman Alan Grayson. Will he be able to shed a light on the Fed's secret spending?

WASHINGTON - In just a few short weeks, freshman U.S. Rep. Alan Grayson, D-Orlando, has delivered more memorable quotes than some members of Congress do in an entire career.

Mark K. Matthews | Washington Bureau
February 9, 2009

"In interviews, the 6-foot-5-inch Grayson downplays his combative approach, bridling at a reporter's use of the "abrasive" label and saying that he would not have been assigned to the House Science Committee -- the "most bipartisan committee in Congress," he said -- if he wasn't collegial."

"Meanwhile, his Dylan-quoting, freewheeling stance has earned him liberal fans nationwide, including Darcy Burner, a failed Washington state congressional candidate who has already asked supporters to back Grayson's re-election campaign."

"He's going to have a vicious re-election battle in two years, and he's getting pressure to sell out to the lobbyists and corporations so that he'll have enough money to fund his re-election. That, my friends, would be a real pity," Burner wrote in a letter.

"Fundraising, however, is unlikely to be a problem. He is the 10th-wealthiest House member, with assets of more than $29 million, according to the Center for Responsive Politics."

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I hope that Alan won't be offended if I compare him with Steven Seagal as an abstract, reality TV, illustration of what should really happen to the major players in the shadow government that still hangs over the White House...G: