Who Got Our $1,000,000,000,000? by Alan Grayson

[kpete]

Who Got Our $1,000,000,000,000?
by Alan Grayson

Mon May 03, 2010 at 08:37:53 AM PDT

Last year, I asked the Vice Chairman of the Federal Reserve Board who received $1 trillion in funds that the Fed handed out to domestic banks and financial institutions. He said, essentially, "I'm not going to tell you." More recently, I asked the Chairman of the Fed who received the half trillion dollars – that’s $500,000,000,000 - that the Fed handed over to foreign central banks. He said he didn't know. Half a trillion dollars, and he doesn't know!

That kind of ignorance and arrogance must end. We need to audit the Fed. And now we're closer than ever.

The House passed our bill to conduct the first independent audit of the Fed in its 96-year history. Now it's time for the Senate to act.

more:
http://www.dailykos.com/storyonly/2010/5/3/863080/-Who-Got-Our-$1,000,000,000,000

[annabanana]

1. Seems a reasonable enough question...

We could pay down our principle with the Chinese with that money...

[deacon_sephiroth]

2. +1

the ignorance will likely never end, the arrogance will end instantly if/when the revolution drags them out of their homes into the streets to answer to the mob.

[laughingliberal]

3. The Senate: where good legislation goes to die. Audit the Fed! nt

[lonestarnot]

4. Doesn't know! Fucking horse shit doesn't know!

[amborin]

5. recommend

[LiberalEsto]

6. Well, I certainly didn't get any

but if they've got several hundred dollars to spare, we need a backyard fence for our doggies :)

[dotymed]

12. Man

I spent over 30 years as a carpenter. After many heart attacks and 5 stents, I was no longer able to work. My Cardiologist (from the best rated hospital in the state, IU)documented for the SS disability that I could not work. I have frequent days when I cannot function. I have tried, and have stitches and injuries for my attempts. I still have one 100% occluded artery.I am 49. After 5 years of red tape, I got a "hearing." Their medical "professionals" (what a joke) said I could be a "ticket taker." From a $30.00 an hour Union carpenter to a (mythical) ticket taker. How can they schedule me? Without my SS disability (which I paid much more than I would receive) I cannot retire from the Union (too young). Yet, a half a trillion dollars of our money is none of our business? I should've just stayed home during the heart attacks...They say when my Union disability payments stop, I can get SSI, maybe $300.00 a month....

[joe black]

17. I'm so sorry

If I ever win the lotto I swear you'll get part of it. Hang in there I'm out the door to get some tickets.

[dotymed]

18. lol

Thanks Joe. It just pisses me off, besides condemning me to a life of increasing humiliation. If I were a surgeon, would they still determine that I could be paperweight...er.."ticket taker?"

[didact]

7. We need to do more than *audit* the Fed.

:nuke:

[One Voice]

8. Link to sign up:

http://www.unmaskthefed.com

[Recursion]

9. Bush league. Zakheim at the Pentagon lost $2.6 trillion

OK, it's not fair to say he lost all of it, but it was lost. $2.6 trillion f**king dollars.

[NoSheep]

10. Can we get the Tea Baggers behind this?

:eyes:

[happygoluckytoyou]

14. SORRY the Teabirthers are looking for obama's b-cert... and guarding the border

this is a day of specialization....

[NoSheep]

20. Ah..gotcha.

[Quantess]

11. Good question!

K & R

[Hamlette]

13. if you found out your bank got money would you change banks?

even if it turned out your bank didn't screw up but the problem was the housing bubble?

If you want to see runs on banks, follow this idiot Grayson

edited to add: I forgot to mention, if you have savings in banks, and there is a run, one of two things happens: taxpayers bail you out if your savings are insured or you lose money.

Hooray. Grayson solved the problem. Make it public and cost the public more money.

[defendandprotect]

16. This is fear-mongering, we need to audit and get control over FED RESERVE ...!!!

We have to break up the big banks --

and the Fed has too much control over POLITICAL questions regarding our economy

which our elected officials should be responsible for and deciding --



Meanwhile, I have changed my accounts moving CDs to a credit union and starting

a savings there.

[JDPriestly]

19. The bankers carelessly and fraudulently (depending on the situation)

made bad loans. They and their friends in the mortgage companies took their commissions on those loans. Ordinary Americans lost their homes. These irresponsible banks created a bubble that nearly destroyed economies around the world. The crisis is not over.

If we audit the banks and find out which banks made the most bad loans, we may be able to eliminate from the banking system those individuals whose carelessness and fraud nearly crashed the world.

Every day, ordinary Americans, some hardened criminals, some pranksters, some just fools, are tried and convicted in our courts for things like shoplifting, petty theft, cashing bad checks, and other crimes involving much smaller sums of money. These lesser wrongs cause a lot of trouble in our society. The criminal records of people convicted of relatively minor wrongdoing haunt those who are convicted for a long, long time. And the taxpayers pay a huge price to cover the legal, court, jail, prison and parole costs related to these relatively minor crimes to private property.

Surely, the leaders of the banks and the banks that so seriously harmed our society should at least be "outed."

I say, audit the FED.

[defendandprotect]

15. Evidently, they are not working for the country . . . they are working for Repugs and $$$ . . .

Meanwhile, my Sen. Menendez/NJ was on Olbermann last night -- and said that BP had

made $5.something billion in the first quarter of this year!! Think it was $5.8 Billion

but not sure.