Fed Loaned $7.77 Trillion in Secret Loans without Congress approval

Is this what our founders envisioned, an unregulated entity giving away taxpayer money without oversight? The most transparent White House in History is loaning money behind the backs of Americans.  This is like a Bank teller giving out depositors money while the Bank is unaware.  And folks scoff at Ron Paul when he says the Federal Reserve system needs to be reformed $7.77 Trillion of your money!

But remember, Bernanke Says That Any Criticism Of The Federal Reserve Is Based On “Misconceptions”

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required emergency loans of a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market interest rates, Bloomberg Markets magazine reports in its January issue.

Saved by the 2007-2010 bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

Read more at  Secret Fed Loans

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