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The Fed Audit: Bernie Sanders

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The Fed Audit: Bernie Sanders

Post by Guest on Sun Sep 09, 2012 2:47 pm

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. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "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."

Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

affraid

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Re: The Fed Audit: Bernie Sanders

Post by Guest on Sun Sep 09, 2012 2:49 pm

It's from July 2011, but I thought it beared repeating..

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Re: The Fed Audit: Bernie Sanders

Post by elvis44102 on Sun Sep 09, 2012 4:28 pm

15 Trillion....so much for the "risk" of the "free market" system

I think Alan West should be involved in an Audit because he might find some REAL communist or "socialist" here.... Socialist BANKERS that is...

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Re: The Fed Audit: Bernie Sanders

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