Wednesday, October 12, 2011

Fed bailouts: $16 trillion... and counting

As Alan Grayson and others are pointing out, page 131 of this report from the GAO to Congress shows that from December 1, 2007 to July 31, 2011, the Fed has lent $16.1 trillion to U.S. and foreign banks!

As Grayson notes, that's $50,000 for every man, woman and child in the U.S.

But for the federal government to compel those same banks to give Americans something in return, like real mortgage modifications and debt relief for "stupid" borrowers, would be wrong both morally and economically.

By Government Accountability Office (GAO)
July 2011

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