The media coverage of the AIG $165 million bonus, and the “outrage” exhibited by the Obama administration and Congressional Democrats helped keep an interesting item from receiving much attention yesterday:
WASHINGTON – The Federal Reserve Wednesday escalated its massive campaign to stabilize the economy, saying it would flood the financial system with an additional $1.2 trillion.
One-point-two trillion dollars…to put it into perspective, that’s roughly $165 billion times 7,300.
And this is not the first time that the Fed has engaged in this sort of thing…
Nov. 10 (Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans 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 with congressional 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.
So, between the two trillion in November, and yesterday’s trillion point two, eighteen thousand times the $165 million of the taxpayer’s money that Obama and the Democrats want us to focus our attention on, has been given to someone (or someones) without Congressional approval, or any kind of oversight…and the Fed will not disclose the name of the recipients, or what they put up in collateral for these “loans”.