ANP (VIDEO): Fed Lends Two Trillion Without Oversight

By American News Project | Related entries in Bad Decisions, Bailouts, Bloomberg, Congress, D.C., Dodd, Economic recovery, Economy, Film, Florida, United States, Wall Street, Washington, WTF?

If you thought $700 billion was a lot of money, well..

It is.

But $2 trillion is.. ridiculous.


This is Danielle Ivory from ANP.

Congress and the new administration have been focusing their attention on strengthening oversight for the Treasury’s TARP program, but meanwhile few are paying any attention to the Federal Reserve.

Since September, the Fed has lent out about $2 trillion (Bloomberg reported 1.2 trillion in November), but it’s keeping the names of its recipients a big secret.

And while the Treasury’s bailout package has a $700 billion cap, there’s no limit to how much money the Fed can lend.

The American News Project sat down with Washington newcomer, Congressman Alan Grayson (D-FL), who actually used his five minutes of valuable Q & A time in a Financial Services hearing to do some serious Fed fact-finding.

You can see the story or get the embed code here.

Or follow Danielle’s reporting on twitter here.

And visit Acorn Project for more music like this.


This entry was posted on Friday, January 30th, 2009 and is filed under Bad Decisions, Bailouts, Bloomberg, Congress, D.C., Dodd, Economic recovery, Economy, Film, Florida, United States, Wall Street, Washington, WTF?. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply


NOTE TO COMMENTERS:


You must ALWAYS fill in the two word CAPTCHA below to submit a comment. And if this is your first time commenting on Donklephant, it will be held in a moderation queue for approval. Please don't resubmit the same comment a couple times. We'll get around to moderating it soon enough.


Also, sometimes even if you've commented before, it may still get placed in a moderation queue and/or sent to the spam folder. If it's just in moderation queue, it'll be published, but it may be deleted if it lands in the spam folder. My apologies if this happens but there are some keywords that push it into the spam folder.


One last note, we will not tolerate comments that disparage people based on age, sex, handicap, race, color, sexual orientation, national origin or ancestry. We reserve the right to delete these comments and ban the people who make them from ever commenting here again.


Thanks for understanding and have a pleasurable commenting experience.


Related Posts: