Watch as the former chairman of the Fed, Ben Bernanke outright refuses transparency within the Fed. The bill he speaks of in the video is H.R.1207 Federal Reserve Transparency Act, call (202) 224-3121 to speak to someone within the Capitol and learn more about the bill.
0 Comments
GAO stands for the Government Accountability Office, and they are a part of the Legislative Branch of Government that audits and evaluates various subjects for Congress. According to the document “GAO Fed Investigation” the Federal Reserve made $16.1 trillion during the last financial crisis in secret loans to big banks. The banks and amounts are as follows:
Citigroup – $2.513 trillion Morgan Stanley – $2.041 trillion Merrill Lynch – $1.949 trillion Bank of America – $1.344 trillion Barclays PLC – $868 billion Bear Sterns – $853 billion Goldman Sachs – $814 billion Royal Bank of Scotland – $541 billion JP Morgan Chase – $391 billion Deutsche Bank – $354 billion UBS – $287 billion Credit Suisse – $262 billion Lehman Brothers – $183 billion Bank of Scotland – $181 billion BNP Paribas – $175 billion Wells Fargo – $159 billion Dexia – $159 billion Wachovia – $142 billion Dresdner Bank – $135 billion Societe Generale – $124 billion “All Other Borrowers” – $2.639 trillion It is important that we ask ourselves; why do we let a private organization that can make such an enormous profit during a financial crisis and donate $0.00 worth of it to help the situation, control something as important to our country as economic policy? Isn’t it possible that you, or I, or better yet all of us together, democratically, could have handled the situation better than that? List comes from page 131 of this document: http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144 Read more here: www.realmoneymechanics.weebly.com |