Month: June 2009

Video : Trillions Fed money balance sheet expansion ?

interesting 5 minute hearing :

http://www.youtube.com/watch?v=Mj0JAfq4esk


“Fed Vice Chair Donald Kohn testified before the Financial Services Committee today, along with John Bovenzi of the FDIC. The Fed’s balance sheet has expanded by $1.2 trillion since September 1. Where did the money go? Kohn wouldn’t say.”

and a news report on the same hearing, with better sound quality :

http://www.youtube.com/watch?v=oxuqmPyKqcs&feature=related

“So, you know about the Treasury’s $700 billion bailout plan. But you probably don’t know that the Federal Reserve has lent out about $2 trillion since September. Few do. And that is what’s irritating bulldog Congressman Alan Grayson. Will he be able to shed a light on the Fed’s secret spending?”

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” Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is. “

High quality version of the video ( over 600 000 views )

http://www.youtube.com/watch?v=cJqM2tFOxLQ&feature=channel

same video with lower sound quality ( at this point in time , over 800 000 views ) :

http://www.youtube.com/watch?v=PXlxBeAvsB8&eurl



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Federal Reserve Office of the Inspector General: http://www.federalreserve.gov/oig/

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http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1)
By Mark Pittman and Bob Ivry