19 September, 2009

If This Does Not Scare You, Nothing Will

Note:The questioner is a democrat. Rep Alan Grayson. Watch the whole thing. No one is tracking the trillions already spent.

Grayson questions the Fed: The Fed's balance sheet has expanded by $1.2 trillion since September 1. Where did the money go? Kohn wouldn't say.

Grayson questions the CEO of Citigroup about his 'insurance' policy from our government for 7 billion that covers Citigroup for 200 billion.

My personal favorite: Let's just change the math to make it fit. Ever notice in the answers how many words are used to say nothing


Junkster said...

Interesting stuff. I don't know much about financial markets. I don't trust those who would benefit from a lack of transarency and oversight, so the Fed and the private financial institutions should definitely be accountable and open in what they are doing, and the accounting practices need to reflect actual values. But I trust the federal government less, and some of this sounds like an attempt to gain greater government control over private enterprise.

Lin said...

Interesting take. I venture we already have done so with the bail out.

Even Ron Paul is calling for an audit of the Fed which has not been done for 90 years. However, the Fed cannot publicly account for over a trillion dollars it has handed out?

Bankruptcy is a way of clearing out dead wood. By not allowing these companies to bankrupt we are only prolonging the inevitable which is either future bankruptcy or government management... which is fascism.

Junkster said...

I agree about bankruptcy -- government meddling in the free market is, as usual, more of the cause of problems than a solution. It's just that I have heard of rumblings from Washington of a desire to gain more control over private financial institutions, limit CEO salaries, etc. I'm not familiar with Alan Grayson's record, but I am familiar with Barney Frank's, and I trust him about as far as I can throw his boyfriend. I am for reform, just as with health care, but the federal government is at least as corrupt as anything they want to oversee.

Lin said...

I agree with you on that. What is interesting is to watch the democrats who are very uncomfortable with all this bailout stuff.

I saw a video with Geithner trying to explain why the financial institutions need the bailouts. That is a government takeover as far as I am concerned. Let them go under...even with my money. It is a risk we all take with the markets and the greedy folks at the helm. When our money is at stake we will all start educating ourselves. As long as government bails out, we won't.