Wednesday, February 23, 2011

Where did the $9 trillion go?

In the quite amazing videos from May - June 2009 being questioned around the 2009 bailouts and where the money went.
  • The Inspector General of the Federal Reserve
  • The Chairman of the Federal Reserve
  • The Chairman of the Federal Housing Committee
#1 Alan Grayson vs Elizabeth A Coleman  
Inspector General of the Federal Reserve

She is asked where the $9 trillion went that has disappeared in the last 18 months. To put that in context the GDP of the US is about $12 trillion, the yearly US tax income base is about $3 trillion.

#2 Alan Grayson vs Ben Beranke 
The Chairman of the Federal Reserve Bank of America
Ben Bernanke getting very nervous trying to explain a $550billion entry on the balance sheet

#3 Alan Grayson Vs James Lockhart 
Chairman of the Oversight Board of the Federal Housing Finance Agency

James has some very nervous looking body language trying to explain how $1 trillion of derivatives were used to hedge a $200 bad million loans and ultimately resulted in a $100 billion bailout.

Where did the 9trillion dollars go?

Those videos above were made 2 years ago and since then there have been actions that have taken place to start to get to the bottom of the situation
After the passing of Federal Reserve Transparency Act of 2009 (H.R. 1207)
The Federal Reserve was forced to publish where the money went and did so in December 2010

[when I find the actual data I will put it here]