The Taxpayer’s Tab
Did you know, during the financial crisis, the global banking elite ran up a tab of $1.2 trillion in bailouts with taxpayer money through the Federal Reserve System?
This figure is a subset of the $16 trillion in total I've previously written you about that the Fed loaned out during the height of the financial crisis.
Bloomberg News reports these numbers dwarf the public money used by the U.S. Treasury for the bailouts everyone knew about.
Yet, because of the secretive nature of the Federal Reserve System, these numbers remained hidden – and would have continued to be kept from the American people – until after a Freedom of Information Act request, subsequent lawsuits, and your grassroots pressure last Congress on Audit the Fed that forced a one-time disclosure of the Fed's emergency lending facilities.
This wasn't just Wall Street the Federal Reserve was secretly bailing out on our dime. Nearly half of the Fed's top 30 borrowers were from Europe.
This morning, Fed Chairman Bernanke spoke in Jackson Hole, Wyoming.
The Fed's actions over the last couple years have trained the markets to expect more of our money to be handed over to them when the going gets tough.
Considering the market has been on a roller coaster the last several weeks, many were watching Bernanke's speech for a hint, a subliminal nod, that the Fed will lend a "helping hand" if financial markets continue to worsen.
During his speech, Chairman Bernanke didn't commit the Fed to any new "economic fixes" and said the September meeting will be extended for two days as they consider a 'full range of options.' He also indicated the Fed will "employ tools as appropriate" but stopped short of calling for another round of "quantitative easing."
While few expected an outright "QE3" announcement, it's important to remember the Federal Reserve is continuing to buy up to $25 billion per month in Treasuries, even without directly engaging in what they consider an additional round of "quantitative easing."
QE2.5, as it's sometimes referred to, is done through the Fed buying Treasuries with proceeds from maturing debt it already owns.
All of this is continuing to occur – for the most part unscrutinized and unquestioned.
This is where you and I can make a difference.
With your help, we can force a vote on Audit the Fed in the Senate.
Last week, C4L staff sorted, packaged, and delivered over 30,000 petitions to U.S. Senators calling for a full, thorough, and regular audit of the Federal Reserve System.
If you haven't already, I'd encourage you to sign our petition and forward the link on to your friends, family, and everyone in your contact list so they can sign it as well.
The only way C4L can push a vote on Audit the Fed this session is to not only keep the pressure on, but to turn it up.
Together, I believe we can make it happen.
Your support has enabled us to take the fight straight to the Federal Reserve, and I trust you'll continue to stand with us as we work to fully audit, and then end, the Fed!