Fed's Audit Report Reveals $16 Trillions in Secret Loans

Senator Sanders writes:
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression.
"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
To read the GAO report, click here.

I don't have anything else to add, really.

1 comment:

Anonymous said...

Budget deficit resolution:::Roll back public-sector wages to 2000 levels.
DEMAND drug tests for ALL public sector employees:::President, city managers, clerks, janitors (who aren't contract employees). Public sector job security should be a priveledge.