Have you heard anything about the Fed's $16 trillion secret bailouts?
By EvanHunter
@EvanHunter (4026)
United States
February 12, 2012 6:47am CST
Maybe it's because I never watch television but read news online and in the paper but somehow I missed this one. http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
Now this is not part of the government approved bailouts and was a secret until the recent 1st ever Federal Reserve audit.
Do you think that members of the Federal Reserve should be on the board while also being CEO's of banks. Are things like: "For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed." are a conflict of interest?
If some of those banks they loaned money out to around the world like Greece default who will be left picking up the tab? Will it be the U.S. tax payers? Does this mean more bailouts will be required to back up the money the Fed loaned in secret?
Does this devalue the dollar by putting $16 trillion plus into circulation?
1 person likes this
3 responses
@nturecamo (30)
• United States
12 Feb 12
That's the problem with the Federal Reserve. There really isn't any oversight into it. I am more and more attracted to Ron Paul's argument that the Fed is really just tampering with the economy and that the money they hold in reserve would be much better spent by allowing individual banks to spend it.
@EvanHunter (4026)
• United States
13 Feb 12
The more I read I have to believe Ron Paul is right on the money (no pun intended) when it comes to the federal reserve. They don't have the best interest of this country in mind at all but the best interest of international banking.
1 person likes this
@knoodleknight18 (917)
• United States
13 Feb 12
I think your right, they put too much stock in the international economy, and forget to look out for the best interest of the one they live in. I think a big part of it is to them, American can fail and they can still be successful. While that might be good in the business world, its not what the government who is supposed to be reprenting the interest of the people should be doing. Making America strong globally will only go to serve the interest of a few.
Some of the countries we least want to be like have serious economic power. We need to bring the focus back to Americans having jobs, not multinational corporations being successful in hope that they'll employ enough Americans with good jobs.
@lampar (7584)
• United States
12 Feb 12
Of course conflict of interests is bound to exist when big banks CEO sit as members of the Federal Reserve Board. In reality, federal government elected officials don't even blink for a moment when they appointed these CEO into federal agency to oversee policy making for the financial and capital market in wall street. It is no doubt too much tax payers money is there for the free taking as far as federal government officials are concerned, they don't even want to acknowledge it is inappropriate to nominate such people to the monetary board, let alone care much about what ordinary people and average tax payers think after the national election is over. 
@EvanHunter (4026)
• United States
13 Feb 12
From my understanding the list of candidates to chose from is determined by the banks. So the government really doesn't have much to say anyways.
@piyushbhatia1 (11695)
• India
10 Jul 20
@EvanHunter They use bureaucrats to influence that decision.
@piyushbhatia1 (11695)
• India
10 Jul 20
There was a moral court hearing about that as well. Ben Bernanke was present there. He said he does not know. He can't be jailed because he is part of systematically important financial institution
