The fact that the Inspector General of the Federal Reserve has no idea whatsoever when it comes to auditing the Federal Reserve’s doubling of their balance sheet over the past 8 months is absolutely insane.
If the Inspector General - who is directly charged with auditing the Federal Reserve’s activities - cannot grasp the necessity to audit the Federal Reserve’s recent activities, every American is royally screwed from the top down. Do you know why? Because according to Bloomberg, the Fed has lent the equivalent of $9 trillion (!) U.S. dollars to prop up our financial system over the past 8 months. This works out to ~$30,000 USD for every single American.
Nobody at the Fed knows who has received what and who is owed what. Over the past 8 months through their various bailouts and lending facilities, the United States Federal Reserve has put every single American alive today on the line for approximately ~$30,000. This is money that has been "loaned" to the richest and most powerful banks and insurance companies in the U.S. in the form of debt guarantees, bond guarantees, outright loans, etc. So is it too much to ask that the Inspector General be auditing this activity…?
Are you paying attention as Washington and New York mortgage our future and our children’s future? If not…why not?
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Jul 30th, 2009
They’re so out of the loop that they named a $2.5 billion joint venture with a Nigerian gas company…NIGAZ.
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