If you thought $700 billion was a lot of money, well..
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 Treasuryâ€™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 Treasuryâ€™s bailout package has a $700 billion cap, thereâ€™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.