Vinny’s Blog

This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or ‘central liquidity swaps’ in Federal Reserve-ese’).

Which financial institutions received this money? Bernanke’s answer: I don’t know.

As the Fed was lending this money, the dollar increased by 30% in value. Grayson asks, was this a coincidence? Bernanke’s answer: yes.

OK..so that was 1/2 a billion dollars given to foreigners, here comes next 1 Trillion dollar….who received that money ? Answer : ‘we don’t know’………..

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1)

By Mark Pittman and Bob Ivry

Feb. 9 (Bloomberg) — The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month……………..

……………………………………….

“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”

$1.2 Trillion Slush Fund: Congressman Alan Grayson Grills Fed Vice Chair Donald Kohn

Generally when you spend your money and buy something you know how much you have spent and what did you buy…not here….with 1.2 Trillion of your dollars spent, you have the right to know how and where it’s been spend……but they are not going to tell you.

Alan Grayson Questions AIG Math: Let’s Change the Length of Inches So I’m Shorter!

Here is the bottom line, if you’re over weight, then all we need to do is change the definition of overweight and then you’re not overweight. These are also the institutes who received money from Feds…..

Robert Herz of FASB actually talks about how insolvent banks, two weeks before they go bankrupt, call up and request accounting changes. The witnesses for this hearing were:

Mr. James Kroeker, Acting Chief Accountant, U.S. Securities and Exchange Commission
Mr. Robert Herz, Chairman, Financial Accounting Standards Board
Mr. Kevin Bailey, Deputy Comptroller for Regulatory Policy, Office of the Comptroller of the Currency.

And then finally…there is a bill that is shaping up to audit the Feds…….which seems right thing to do to any normal human being.

Well so you would think………and you would be right.

Fed Audit Supported By 75% Of Americans: Survey

First Posted: 07-30-09 10:37 AM   |   Updated: 07-30-09 01:08 PM
The calls to audit the Federal Reserve have come fast and furious in the last few weeks. Fed Chairman Ben Bernanke is continuing to push back against a House bill that would give the Comptroller General - the head of the Government Accountability Office - the power to audit the central bank.

But, judging by the results of a new survey, the vast majority of Americans already support a Fed audit. 75 percent of Americans back auditing the Federal Reserve, according to Rassmussen Reports.

Opponents of the Federal Reserve Transparency Act Of 2009 - introduced by Rep. Ron Paul (R-Texas) - say that putting the Fed under the control of Congress would limit the bank’s independence. (The bill has gained support from over half of the House of Representatives). < click on the article headline to read in full >

…Then, here is what Feds have to say…….mind you in 96 years no one has ever audited the Feds and they would like to keep it that way…..

Bernanke opposes audit of Fed monetary policy < click to read>

July 24, 2009, 1:56 p.m. EDT

Bernanke Fights Audit Threat To The Fed < click to read>

Joshua Zumbrun, 07.21.09, 04:44 PM EDT

……..wouldn’t it be nice if you could take anybody’s money you want and spend it anyway you like and not have to tell a damn thing about it to anyone. But never mind….here they are again..and here is Geithner, on why you should NOT audit the Feds.

Geithner: “Fed Audit Would Be Problematic For The Country”

Now you also know ( Question-7 in this interview ) that people in these positions are held at the highest level of integrity.

Obviously that’s true……….here are view on Hank Paulson.

Rep. Alan Grayson: “Hank Paulson Had a $700M Conflict of Interest”

So ultimately it’s all good, good for you if you don’t ask why, how and how much of your money was spent and where !!

Here is more…you will enjoy it.

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