Ivor O’Connor

November 12, 2008

Two trillion dollars gone!?!

Filed under: Uncategorized — ioconnor @ 4:31 am

I find it hard to believe all this money is just vanishing. Where can it be going? Certainly does not seem to be going towards helping our economy. So where is it going?

Nov. 10 (Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

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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