Posted on 11/09/2009 7:20:34 PM PST by rabscuttle385
A University of Texas at Austin LBJ School of Public Affairs professor called for an unprecedented audit of the Federal Reserve Bank balance sheet expansion of $2trillion during the 2007-09 financial industry crisis.
During a San Antonio appearance Friday, Robert Auerbach, author of the 2008 book “Deception and Abuse at the Fed,” argued for an audit by the U.S. Government Accountability Office as he spoke at an event sponsored by the Henry B. Gonzalez Foundation for Inspiring Public Service in San Antonio.
Auerbach, who served on the U.S. Housing Banking Committee staff when Gonzalez was chairman in the 1990s, said an audit would require the Fed to reveal what it has done with the $2 trillion it has distributed into the economy. Gonzalez, a longtime former Bexar County Democratic congressman, died in 2000.
Bills to conduct an open audit, sponsored in the U.S. House by Rep. Ron Paul, R-Houston, and in the U.S. Senate by independent Sen. Bernard Sanders of Vermont, are pending in Congress with more than 300 signatures of support, Auerbach said at the event.
“There should be some checks and balances on where that money goes,” he said.
(Excerpt) Read more at mysanantonio.com ...
Did you hear Savage talking about this today?
great job!
No. What did he say?
*poof
Ping
I’m curious too. What did he have to say about it?
I’m sure the intellectual giants and/or Goldman Sachs retreads know just where all those millions, billions, and trillions are. They just don’t think the “little people” have a right to that information. After all, they are so much smarter than we are. That is why they are known as “Elites.”
Someone needs to read Dr. Seuss’s book, “Yertle, the Turtle,”
which he wrote about Hitler during WWII. One of these days the entire turtle stack will come crashing down...
Only caught a few minutes getting in-and-out of the car. I’m sure someone here heard it all.
Of course the two trillion went to bonuses for the executives who orchestrated all of this. This was right after they all got their swine flu shots ahead of the common taters. Plus, they all got free cars from the US auto company. Nothing’s too good for our Wall Street titans (and besides, the idiots go beserk over this sh*t. LOL.)
It went to prop up the stock market.
Where did it go?
Cell phones and hoop shoes for Africa.
I expect that the money was used for ‘Quantitative Easing’. They use the money to purchase long bonds, which keeps long term interest rates low and adds high-powered money to the economy by monetizing debt.
“It went to prop up the stock market.”
I couldn’t agree more. Where else is the money coming from? certainly not from 401k contributions, nor from the wealthy re-investing their lost dollars.
I’ve read more than a few articles by actual media outles (as opposed to a random guy with a website) that connect the dots on the investments by banks getting TARP money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.