[dennisw]

$16 trillion -- The “total transaction amounts” for Fed lending included in a July 21, 2011, study by the Government Accountability Office

That GAO number is so stupid and useless...... This is what our taxes are blown on. These Gov't workers all making more than 100 thousand I am sure

[AndyJackson]

That GAO number is so stupid and useless

No, it is not stupid and useless. Given that it totals more than GDP, it means that the Fed is effectively involved in transactions whose total is the total value of domestic goods and services. This is not just a little thing. We have gotten to the point where monetary/credit transactions executed by the Fed is bigger than real economic transactions. Since total financial transactions are some large multiple of Federal Reserve transactions, it means that the banking system that we are trying to bail out has become a behemoth. While many argue that it is necessary, others might rationally argue that maybe a smaller banking system would be ok.