Free Republic

Rep. Cathy McMorris Rodgers (WA-05) and Sen. Jim DeMint (R-SC) Dec 8 - With the European debt crisis dominating the news and threatening to pull the world into a double-dip recession, there are growing calls for Uncle Sam to come to the rescue. The U.S. is already committing untold billions to the $1.4 trillion European bailout fund, but that's not enough, according to some European leaders and even U.S. politicians. They say that while the EU bailout is costly, it's also necessary. They are only right about the cost. These endless bailouts are not only unnecessary, but are in fact...

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the right), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an...

As expected, the Fed has just bailed out the world once again: FED, ECB, BOJ, BOE, SNB, BANK OF CANADA LOWER SWAP RATES - BBG ECB, FED other major central bank to lower the pricing of existing USD liquidity swaps by 50BPS And as we have been writing every single day, the worldwide dollar crunch is now confirmed: At present, there is no need to offer liquidity in non-domestic currencies other than the U.S. dollar And finally, a promise to bailout Bank of America when it hits $4.00 again: U.S. financial institutions currently do not face difficulty obtaining liquidity in...

One may be forgiven to believe that via its FX liquidity swap lines the Fed only bailed out foreign Central Banks, which in turn took the money and funded their own banks. It turns out that is only half the story: we now know the Fed also acted in a secondary bail out capacity, providing over $350 billion in short term funding exclusively to 35 foreign banks, of which the biggest beneficiaries were UBS, Dexia and BNP. Since the funding provided was in the form of ultra-short maturity commercial paper it was essentially equivalent to cash funding. In other words,...

U.S. Rep. Paul Kanjorski defended the 2008 government bailout of failing financial giants as painfully necessary to prevent a complete collapse of the world economy and U.S. political system. Kanjorski, D-11, in a speech Tuesday at Pocono Medical Center sponsored by the Greater Pocono Chamber of Commerce, gave a spirited defense of the bailout and this year's passage of financial regulatory reform he said will prevent future bailouts. Both are emerging as major campaign issues this fall, with Kanjorski's Republican opponent Lou Barletta calling the bailout a waste of taxpayer money at the expense of ordinary people. Kanjorski, a Democrat...

WASHINGTON (AP) - The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog. Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday. The U.S. program aimed to stabilize the financial system by injecting money into as many banks...

Here is the update to the “Mass: Governor to Hold Massive Mosque Meeting With 1000 Muslims” article. In today’s political climate, this is no surprise though, and if this were not such a serious issue, this would all be comical. In Governor Patrick we have another cowardly politician, that does not even have the sense to think past the day that he is in, and be concerned about his family’s future generations, being forced to live under Islamic rule. To make matters worse, the Muslims disrespected him by ordering him how to answer, and he went with it. What a...

According to an article in the United Kingdom's Telegraph, in October of 2009, President Barack Obama's adivsor on Muslim affairs, Dalia Mogahed, went on Islamic television with members of the radical Islamic group Hizb ut Tahrir and defended their blatant call for the overthrow of all "man-made law"—which includes the United States Constitution—and the adoption of Islamic Sharia law as "the source of legislation"

Not even sure where to start. Wednesday I saw a story stating Soros bought Citi for $1.3 Billion dollars and doubled his stake in Gold. Yesterday, I saw a story stating IMF was about to sell tons of Gold. Also yesterday, I saw a story stating China had sold our treasury bonds in a plan to buy Gold. So I started digging. I know, you're shocked. LOL. Here's the facts and links. Connect the dots. Let's start at the beginning. When Obama was elected, one of the first things he did was give $108 Billion dollars to the International Monetary...

Here’s the latest in the question of the New York Fed, Treasury Secretary Tim Geithner and the AIG bailout, as we’ve covered here at Big Government before (here and here). Last year, Iraq war vet Kevin Murray brought a lawsuit against the Treasury Department and Ben Bernanke (Murray vs. Geithner, et al) for its acquisition of AIG– a scheme that made the US taxpayer the world’s largest provider of Shariah-compliant insurance products. Lawyers David Yerushalmi and The Thomas More Law Center’s Robert Muise found, in the course of discovery, that that was just the tip of the iceberg. Yerushalmi and...

Adding insult to injury, the U.S. government has paid private firms nearly $160 million, to distribute funds from its severely mismanaged and fraud-infested program to bail out the nation’s financial institutions. Rife with waste and abuse the $700 billion Troubled Asset Relief Program (TARP) has already proven to be a troubling experiment of U.S. tax dollars with virtually no oversight. In fact, dozens of criminal investigations have been launched into the controversial bailout and the risk is only going to grow, according to a Treasury Department Inspector General report issued last spring. So far investigations have centered on securities fraud,...

While many accounts have been written about the extremely 'shady' dealings which Goldman Sachs has/had with AIG – which led directly to AIG's $180 billion bail-out – unless I've missed it, one of the key issues has been soft-pedaled and another has been ignored altogether. These two topics which I intend to discuss are a) that Goldman Sachs used AIG as its financial 'toilet'; and b) that Goldman Sachs had begun openly and deliberately misrepresenting assets/investments to investors starting in 2006 or 2007 – at a time when all the other banker-oligarchs were continuing to assert their “mark to model”...

This week we broke the story of possible criminal wrongdoing in the government takeover of insurance giant AIG. In the last several months, the US government has tried, unsuccessfully, to throw out plaintiff Kevin Murray’s case, alleging that the government’s takeover of AIG puts it in the position of supporting and promoting Islam and Shariah finance. In the discovery process attorneys for Murray, David Yerushalmi and Robert Muise (of the Thomas More Law Center), discovered that the takeover itself may have been illegal, and have attempted to get Treasury Secretary under oath to try and untangle this mess. Again, the...