After 89 Democrats in the House voted in a victory for bipartisanship for HR 459 to audit the Federal Reserve, some jaw-dropping numbers are emerging as a result of a partial audit conducted this year. It is no surprise that the news is dropping with a dull thud in the media. That's why you should get your news from the Internet and sites like this.
Senator Bernie Sanders at his official website reports:
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Despite the wording of the Sanders press release the audit was not "top-to-bottom," with many areas excluded. HR 459 would remedy this.
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So, instead of using the $16T to pay OFF the national debt, and stop the interest from acruing, and therefore being able to lower taxes, initiate business loans and let the free market get back on its feet, increasing manufacturing and therefore building a larger tax base to bring in more stste and federal dollars, they decided to pay off a few already rich banks and corporations.....
ReplyDeleteAnd they wonder why there is a TEA Party?
The Fed is a private and secret group of international bankers. It operates as a for-profit enterprise and it owns our economy and government.
ReplyDeleteJust the tip of the iceberg.
ReplyDeleteUnfortunately, taking steps to reform the Fed. Reserve system will prove 1000 times more difficult than it was to perform a limited audit.