Monday, May 18, 2009

Is Anyone Minding the Store at the Federal Reserve?



Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is. May 06, 2009

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs

May 06, 2009

information Clearing House

By Mark Pittman and Bob Ivry

Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.

Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients’ names have not been disclosed.

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4 comments:

  1. Bail-out?

    What Bail-out?

    I haven't received any freshly minted Federal Reserve Notes from Helicopter Ben yet!

    *Sigh* That's what I get for not being evil enough to be a bankster!

    ReplyDelete
  2. .
    Ah, it's only money.

    If it gives them pleasure, let them have it.

    Let's face it, the rest of us would have just frittered it away on food, clothing, housing, health care, education, mass transit, the environment, social justice and other fripperies. We've been able to do without up until now, I'm sure we can survive another two centuries without all that. Ain't nothin' but a thang.
    .

    ReplyDelete
  3. Optimism of this magnitude can only be found in Amerika. We can probably do without water and air too if it comes down the choice of being able to carry our guns in the National Forest's...G:

    ReplyDelete
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