http://www.philly.com/inquirer/business/20081104_Bailout_will_bring__918B_in_U_S__debt.html
Read this article from the Philadelphia Inquirer. The election is now over and here comes the news that they wouldn't release before the election. The government is going to borrow $918 billion in the next few months to finance all the bailouts. The government is projecting a deficit of $988 billion for the current budget year, which began Oct. 1, would be more than twice the record $454.8 billion set for the budget year that ended Sept. 30.
From Bloomberg - Fed Defies Transparency Aim in Refusal to Disclose
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide
Nov. 10 -- 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.
The new additions to the AIG Bailout bring the total of that bailout to $150 billion (up from $85 billion) and the total of Federal Bailouts to $2.044 trillion since June. You can read about this at our sister site "Common Sense and Clear Thinking." http://commonsenseandclearthinking.blogspot.com/2008/11/lets-add-this-up-2129-trillion-and.html
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Saturday, November 8, 2008
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+++The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy.+++
The Fed, as it is, gives the U.S. Legislature the ability to shirk it's responsibilities. And in no way has it kept the Fed out of political policy. Look at Mr. Greenspan his leadership was full of political policy.
I believe that this bill, the way that it was written, is supposed to promote transparency, because essentially Mr. Paulson (Treasury Secretary) has no peers of responsibility under this legislation. He can basically do whatever he wants with that money.
The Fed may be an independent agency of the government, but it is still part of our bureaucracy and therefore has the fiduciary responsibility to act in a responsible manner with taxpayer dollars and obligations.
It is scary to see all that Mr. Bernanke and Mr. Paulson have done lately with their autonomus power. Who are they answering to? What if we are headed down the wrong path?
I imagine they will hand the ball off to the next regime and say "oops, sorry we did the best we could." And once again there will be no accountability.
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