Rep. Alan Grayson still asking "Who Got Our $1,000,000,000,000?"

Rep. Alan Grayson, one of the few Congressmen I admire, writes:

Last year, I asked the Vice Chairman of the Federal Reserve Board who received $1 trillion in funds that the Fed handed out to domestic banks and financial institutions. He said, essentially, “I’m not going to tell you.”

More recently, I asked the Chairman of the Fed who received the half trillion dollars – that’s $500,000,000,000 – that the Fed handed over to foreign central banks. He said he didn’t know. Half a trillion dollars, and he doesn’t know!

As depressing as this is, Rep. Grayson’s figure of “only” $1,000,000,000,000 is far too low.

Reuters calls it “a $2 trillion bailout.”

And The Center for Media and Democracy estimates the cost of the bailout at $4.6 trillion:

$4.6 trillion of taxpayer funds have been disbursed in the form of direct loans to Wall Street companies and banks, purchases of toxic assets, and support for the mortgage and mortgage-backed securities markets through federal housing agencies. This is an astonishing 32% of our GDP (2008) 130% of the federal budget (FY 2009).

As hard as it is to figure out how massive the massive financial bailout has been, it’s basically impossible to find out which fat cat bankers the Federal Reserve gave trillions of our dollars to because the Fed continues to fight against disclosure.

Heaven forbid riff-raff like you and I learn how many hundreds of billions dollars the Fed showered Goldman Sachs with after it drove America’s economy into a ditch by betting against America rather than sounding an alarm. We might get angry and actually get up from our sofas and keyboards and force Congress to do something.

Posted by James on Tuesday, May 04, 2010