And that is all.

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Wednesday, May 13, 2009

It's only a few trillion dollars. Don't make a federal case over it...

Frank Sinatra & Groucho Marx
It's Only Money

Here we see Rep. Alan Grayson ask the Federal Reserve Inspector General where the trillions of dollars lent or spent by the Federal Reserve went in addition to the trillions of off balance sheet obligations. Fed Inspector General Elizabeth Coleman responds that the IG has not a clue and furthermore is not tracking where this money has gone:

November 2008: Tracking the 700 Billion Dollar Bailout
Hundreds of banks and a handful of insurers and automakers have applied for funds from the Treasury Department as part of the $700 billion Troubled Asset Relief Program. The Treasury Department has transferred capital to the majority of these companies. | View the full list of government bailout programs.
February 2009: U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs
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.
Federal Reserve Office of the Inspector General
The Office of Inspector General (OIG) conducts independent and objective audits, inspections, evaluations, investigations, and other reviews related to programs and operations of the Board of Governors of the Federal Reserve System (Board). OIG efforts promote integrity, economy, efficiency, and effectiveness; help prevent and detect fraud, waste, and abuse; and strengthen accountability to the Congress and the public. The OIG’s work assists the Board in managing risk and in achieving its overall mission to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems so as to promote optimal macroeconomic performance.
Fine job you are doing there!

Our Name is called The Obamanable Bushman.
We are The Royal We.
We decide which circumstances are exigent,
not you.
We issue the waivers and
We pronounce the decrees.
Resistance is futile.
Hope for Change & Obey
or be repurposed.
All your Oymerika are belong to us.

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