The Federal Reserve has also given out about $2 trillion in loans of emergency loans from American taxpayers for the worthless “toxic assets”. However, they are refusing to comply with their promises of transparency that they made just over a month ago and will not give out the names of the recipients. What a scam.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
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Taxpayers are being taken for fools by this government. I hear nothing from Obama – this is the time when he should be protesting not remaining silent. I would hope he does not condone this sort of corruption but his silence is very loud. If he remains silent – this will go on. Oppression can only survive through silence.
Also giant insurance AIG posted another huge loss so their bailout will double now to $150 billion.