Posted on 01/16/2009 1:33:30 PM PST by Golddigger3
Unelected Fed Vice-Chair tells Congress it's nobody's business who they give 1.4 trillion to, but admits that some of the money is going to other nations (China?) to to prop up the dollar. Of course, if China and Japan stop buying our treasuries our economy will go crazy bad.
This has GOT to be farce. Tell me this guy didn't REALLY say that.
Exactly, who’s money?
Transparent, honest, government!
This makes King George seem like a welcome patron and the revolution was a cruel joke.
This really puts a face on how reckless the whole mess is.
Who is the Congressman? He’s great in that role. He could be an actor. In fact, he looks like an actor.
Federal Reserve, What Do You Have to Hide?(FOIA)
Fed won't name recipients of $2 trillion in loans[Federal Reserve]
Fed refuses to identify recipients of $2 Trillion
Boehner Wants Transparency on Bailout Money [Bloomberg FOIA]
Good God. It just keeps getting worse...listening to Bawny Fwank is disgusting enough, but what is being done is just plain evil...it feels like there is a coup in progress and it is going to be bloody...
They absolutely have to disclose where it is going. But I can tell you already where it is going to schools, to build new schools, upgrade existing ones and colleges etc. Also a chunk is going to make improvements in infrastructure etc.
With the 600,000 new federal employees you can plan to hear more from government agencies like IRS, EPA etc. They will be hard at work siphoning money from individuals and businesses all over the country.
It sounds like a wonderful plan with one exception. There is no money to fund this. You dont spend what you dont have. My Daddy taught me that on the concept of credit card debt etc. And that is exactly what they are doing here.
Irresponsible comes to mind. I think it would take a few years with absolute resolve to restoration and cutbacks in spending etc.
I have no idea what this will lead to but it appears more debt and possibly an even more serious economic difficulties. Im dont buy into the spending your way out of debt philosophy. Its like digging a deeper hole.
In the always insightful words of politicket who brought this video to my attention:
“This YouTube video needs to be sent to as many people as possible. It shows a Congressman interviewing the Federal Reserve Vice-Chairman Donald Kohn.
“The video is six minutes long. Please take the time to view it. You will see the Federal Reserve telling Congress that it is none of their business where $1.4 trillion dollars was spent (they use a lower amount in the video, but the actual amount I’m quoting is more accurate), and it is none of their business what collateral was accepted by the Fed in return. The fact that much of the collateral wasn’t able to be “marked to market” shows that the Fed is accepting toxic waste – on the backs of the American taxpayer.
“Just to refresh your memory – nobody on the Federal Reserve Board of Governors was elected. Notice how Mr. Kohn references the Federal Reserve Act of 1913 as his reason for withholding information. Also, notice his reference to foreign governments. I have no doubt that he’s referring to China. A lot of the money is being used to make China “whole” on their bad Credit Default Swap (CDS) bets. It’s either this, or China will stop buying our treasuries – and possibly sell their existing U.S. treasuries on the open market. That would literally sink our economy – and fast.
“Folks, this is beyond serious. When do we say ENOUGH! Please get this out everywhere you can.”
We ain’t seen nuttin yet.
I knew it!!! I figured that’s where the trail would lead — abroad.
As far as I know, the only time the Fed. Gov. does not have to disclose where taxpayer money is going is when it’s for a “black” project in the classified world, e.g. spy satellites, covert operations, etc. Everything else is subject to the Freedom of Information Act (FOIA).
One more scary indication that our entire government is out of control. The politicians and bureaucrats are destroying our country.
No, it isn't. Or maybe it is. Of maybe not. The point is this is taxpayer money being spent in a completely unaccountable and un-Constitutional manner.
Also a chunk is going to make improvements in infrastructure etc.
Nope again. That's a different Bill.
With the 600,000 new federal employees you can plan to hear more from government agencies like IRS, EPA
You can count on that alright.
It sounds like a wonderful plan
Depends on your definition of 'wonderful' I guess.
I think it would take a few years with absolute resolve to restoration and cutbacks in spending
Substitute 'generations' for 'years' and you're closer to the mark.
I have no idea what this will lead to
I do, and it's not going to be pretty.
L
You're talking about the $850 billion fiscal stimulus that the legislature and Obama want, this video is talking about the 1.4 trillion that the Fed has spent proping up banks, autos, and bribing other countries to buy our debt.
Iran trying to buy high-performance metals: report (banks help Iran, Sudan)
Youre right and here are the details:
EDUCATION FOR THE 21st CENTURY
We will put people to work building 21st century classrooms, labs, and libraries to help our kids compete with any worker in the world.
21st Century Classrooms
School Construction: $20 billion, including $14 billion for K-12 and $6 billion for higher education, for renovation and modernization, including technology upgrades and energy efficiency improvements. Also includes $100 million for school construction in communities that lack a local property tax base because they contain non-taxable federal lands such as military bases or Indian reservations, and $25 million to help charter schools build, obtain, and repair schools.
Education Technology: $1 billion for 21st century classrooms, including computer and science labs and teacher technology training.
Higher Education: Tuition is up, unemployment is up, and as a result more people are choosing to go to school to upgrade their skills and more of these students need student aid. This investment addresses those short term needs while investing in our nation’s future economic strength.
Pell Grants: $15.6 billion to increase the maximum Pell Grant by $500, from $4,850 to $5,350.
College Work-Study: $490 million to support undergraduate and graduate students who work.
Student Loan Limit Increase: Increases limits on unsubsidized Stafford loans by $2,000.
Student Aid Administration: $50 million to help the Department of Education administer surging student aid programs while navigating the changing student loan environment.
K-12 Education: As states begin tackling a projected $350 billion in budget shortfalls these investments will prevent cuts to critical education programs and services.
IDEA Special Education: $13 billion for formula grants to increase the federal share of special education costs and prevent these mandatory costs from forcing states to cut other areas of education.
Title I Help for Disadvantaged Kids: $13 billion for grants to help disadvantaged kids in nearly every school district and more than half of all public schools reach high academic standards.
Statewide Data Systems: $250 million for competitive grants to states to design and develop data systems that analyze individual student data to find ways to improve student achievement, providing teachers and administrators with effective tools.
Education for Homeless Children and Youth: $66 million for formula grants to states to provide services to homeless children including meals and transportation when high unemployment and home foreclosures have created an influx of homeless kids.
Improving Teacher Quality: $300 million, including $200 million for competitive grants to school districts and states to provide financial incentives for teachers and principals who raise student achievement and close the achievement gaps in high-need schools and $100 million for competitive grants to states to address teacher shortages and modernize the teaching workforce.
Early Childhood Development
Child Care Development Block Grant: $2 billion to provide child care services for an additional 300,000 children in low-income families while their parents go to work. Today only one out of seven eligible children receives care.
“I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within.”
- General Douglas MacArthur
If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” - Thomas Jefferson
“The system of banking [is] a blot left in all our Constitutions, which, if not covered, will end in their destruction... I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity... is but swindling futurity on a large scale.”
- Thomas Jefferson
“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the Government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.”
- Thomas Jefferson
“... To take a single step beyond the boundaries thus specially drawn around the powers of Congress is to take possession of a boundless field of power, no longer susceptible of any definition. The incorporation of a bank, and the powers assumed by this bill [chartering the first Bank of the United States], have not, been delegated to the United States by the Constitution.”
- Thomas Jefferson - in opposition to the chartering of the first Bank of the United States (1791).
One more scary indication that our entire government is out of control. The politicians and bureaucrats are destroying our country.
Amen to that spend spend spend our money. Republicans and Democrats alike.
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