May
14
This really is almost unbelievable.
Rep. Alan Grayson (D-FL) asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the $9 trillion of off-balance sheet obligations that Bloomberg recently reported have been quietly made. She has no clue, and doesn’t even seem to know about the off-balance sheet stuff – and she is the top cop at the Fed! I’m leaving this post unprotected so you can send the link above to anyone. Every American voter should see this.
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RIGHT WHEN I THOUGHT WE COULD POSSIBLY BE MAKING SOME HEADWAY IN OUR COLLECTIVE MESS! THIS IS TRULY SCARY STUFF.I”LL BET SHE’S ANOTHER SHILL FROM GS.WICH OF COURSE IS FED SPEAK FOR B.S.
ALL THE BEST, STANLEY
Hi Michael,
You could well be right in your conclusions and I’m not concluding otherwise either. However, as a former lower-level non-government auditor, I suspect something else if the conclusions drawn here are not as accurate as they seem to be. As an auditor (and accountant)definite comments should never be made during the course of an audit, assuming that’s the case here. If I were in her shoes I would probably probably be evasive as I suspect she was. It’s a serious problem regardless of what she did or did not know. But to say something definitive in a work in progress without substantial backing is unforgiveable. Again, I am simply being suspicious in this case – the trail is not a clean one.
If she were monitoring it on a on-going basis, that’s a different matter. But if she’s auditing things after the fact, she would not be professional if she came to definitive conclusions before the data is processed, in my opinion.
If the media can ferret out supposedly secretive transactions, it seems inconceivable that others in government could not. I basically am sceptical about anything I hear at the current time. My knee-jerk reaction, of course, is similar to yours. My experience tells me otherwise.
Media can spout off whatever they can dig up. Accountants cannot – or, rather, should not. As is usual with me, I think there is much more than meets the eye here.
Ken
Hi Michael,
Your second responder stated it like a TRUE FED.
I hate to say this, as in the past this is to be expected .Where are all the monies going that are shelled out? This is no suprise you just knew it was in the cards,as usual.
It’s time for the goverment to file a tax statement and send it to us, as tax payers .
John
Scary. I would have thought there would be strong audit trails for this spending, and if that were the case the Inspector General should have been able to give at least some answers. Kudos to Grayson for
asking good questions.
The video was also put up at Peter Grandich’s blog
last night. He was as shocked, too. He didn’t think
it would make general news. Why wouldn’t it? It’s
got to be more newsworthy than most of the stuff
we’re fed. Yet, I haven’t seen anything turn up yet
about it at CNN, for example (but perhaps I missed it?).
/Dave
I Wonder!
I have been unable to forward this ‘You Tube’ film as part of this web address. Everything else is forwarded but the film area remains blank. I wonder if this has somehow been restricted or censored.
norm21
Wow, The very little trust that was left for the Federal Gov’t has been extinguished.
I had my suspitions that the 2 and ahalf pages that Treasuary Secratary Paulson brought To us in October was nothing more then a RANSOM note, it is looking more and more as if GS has called CHECK-MATE on all of us.
Thank you for keeping the light on this I will spread the word and maybe we can turn some lights on these bugs.
“Stand for Freedom NOW or Fight for IT later” Dan Enright
In the spring of ‘08, following the failure of Bear Searns, the Fed opened a LOC of somewhere between $75 and $200 billion for the District 1 PD’s ( New York Private Banks ) ,,, ( Tim Geithner, was President of The NY FED District 1.)
I contacted The FED, FDIC, Comptroller of the Currency, US Special Council, NY Times, Squawk, WSJ, Wachovia, BOA, Senate, House, and The President asking > “Who was regulating the NY Private Banks?”, as I suspected the Private Banks were unregulated, and were using the FEDERAL RESERVE Funds to underwrite speculation in Oil Futures via the secret ENRON Loop hole ( then operating from London.), and that was driving Gas prices up. (Congress set up the ENRON loophole in 2002 to facilitate secret Commodities Speculation.)
FDIC Said they didn’t regulate.
FED kept saying they would let me know.
Senate, House, President and none of our NC Congresspeople or Senators would respond. (All other Congressional Reps have email firewalls and you can’t contact any of them. )
No response from or any articles in any media.
No response from Wachovia or BOA.
Treasury played dodge ball.
In short, no one would or could answer the question.
Sometime in May or June I finally contacted the “Office of the Inspector General of the FED” asking that Question.
After transfers up the telephone chain, I finally spoke with an official and asked ” Is the use of the FED LOC to Dist. 1 PD’s being regulated? ” ..
His answer was, ” We’re still trying to figure out what the FED did with Bear Stears.”, and he had no idea who’s regulating the NY Private Banks. ” ( So much for oversight of the FED by the Office of Inspector General. )
After more emails and calls harassing everyone I could think of, i n August or Sept., the Comptroller of the Currency emailed me saying they would open a Fraud Investigation on Oil Speculation in their International Division.
Oil prices plummeted.
I am also concerned that the TARP 1 Funds ( which Paulson distributed secretly) were used to cover the Oil Futures Short Calls on the NY Banks when Oil prices fell.
In short, I believe Tim Geithner and the Federal Reserve funded secret Oil Speculations by unregulated NY Banks that bankrupted America, and then Paulson used the Treasury TARP 1 funds to bail out the Private Bank’s margin calls when Oil Prices fell.
Have a nice day.
Bill Price PKS – NC
I’m not surprised at all. In my 47 years of life I’ve come to see this sort of incompetence throughout the public sector. Incompetence is the norm. This is why I cannot understand why anyone would turn over more authority or responsibility–for providing your healthcare, for example–to the public sector. They have little accountability, little responsibility, and never liability for their poor work.
Go to google “Obama Deception” It explaines the whole ugly program.
Utterly amazing! Collectively, we have only ourselves to blame for the mess we are in. “Leaving it to the next guy” has only allowed the fox into the chicken coup. Shame on us for allowing our political systems to become so corrupt.
A thorough discussion of Fed. balance sheet expansion is at – http://research.stlouisfed.org/publications/review/09/03/Gavin.pdf
The Fed’s balance sheet expanded because the banking system was crippled due to the Lehman problem, and the Fed had to act in place of the Commercial paper market to allow the economy to have liquidity to pay everyday bills. When the banking system gets back to normal, the Fed balance sheet will contract. This is simply sensible Fed policy, and is being done at levels well over the pay grade of a lawyer who likely doesn’t understand the questions she is being asked by a person who doesn’t understand the policy.
No conspiracy; just two dopes talking.
Why is this not on any national news service?
These people frighten the hell out of me and these same idiots want to run our national health care!
Elizabeth A. Coleman was appointed Inspector General for the Board effective May 6, 2007. To my understanding that would make her a BUSH appointee. yes or know and if yes do the previous commentors stand by their comments
I don’t much care who appointed these people. It is more than disgusting that they do not know what/who received trillions of our dollars.
You have to ask whether, as a Bush appointee, she has been frozen out of the information flow by individuals involved with the Obama administration. What is needed is an independent audit (if that is possible) not an insider audit. She is obviously uninformed.
The ’stealfromus’ bill and the bailouts are nothing more than a money grab. The shear weight of the totals involved invite deception, greed and fraud among even the most honest corporations, banks and government officials let alone those who have always conducted business on the shady side of the law. Billions of dollars will be wasted, more billions will simply disappear and for generations to come the US taxpayers will foot the bill. No one will be held accountable or prosecuted successfully.
Pass this on to everyone you know.
This link to a Rolling Stone article about the AIG mess indicates that there is a 1950’s law precluding Congress from investigating the Federal Reserve. If this is true and I am sure it is, then this law must be repealed/overturned/aborted.
http://www.rollingstone.com/politics/story/26793903/the_big_takeover
It is incredible; we have to spread the word, as media is turning the head in other direction.
The entire team is corrupted, what you expect from people that don’t pay their taxes but have to watch ours? How we can trust them?
This lady is frightening…I can’t imagine that this person has any power and athority to reperesent me, to make decisions
After years in the military and now DHS, I can tell you, as most of you already know our gov is generally not very good at disclosure. Never has…never will be. Especially under the new, supposedly “transparent” regime. So what’s different, right?
It is not as important who appointed whom. What is important is that we, the people hold those whom represent us as accountable as is humanly possible. Call, email, etc. and demand congress do something!!! Remember, it is YOUR money!
Who is this woman? And how did she get the job? Is she really a slow witted as she appears or was she simply too lazy to prepare herself for the committee appearance ?
This is shocking- she is an incompetent- or at best-
clueless-
what you think SHE is being paid????
WHY was she appointed?
What are her credentials??
You want to make the hair on the back of your neck stand – read The Creature from Jekyll Island.
The Federal Reserve is a bunch of crap.
Attention: June 14, 2009
What is “ethics?” Merriam-Webster Dictionary defines ethics as: “the discipline dealing with what is good and bad and with moral duty and obligation…a set of moral principles or values…the principles of conduct governing an individual or a group…a guiding philosophy.” Ethics is the art of what should be done, as opposed to what can be done. The debate about the ethical practices of our policy makers deserves serious attention.
Ethics is doing the right thing for the right reasons every time.
Ethics violations will destroy both friend and foe.
What if she could not talk about or admit to what is REALLY going on. As an example, 175,000,000 million ounces of US gold were exported in 2007 and 2008, according to reports issued by the US Geological Survey (www.usgs.gov). If this is true, it seems hiding almost everything would benefit those behind the scheme to keep our level of economy to standards we are used to or keep us from dropping into the abyss. Scary.
I’m watching more than just the top Fed Cop in these video’s. My observation is: where the devil are the rest of the congress persons to quetion these stooges concerning this massive debt and miss allocation of our money? It appears to me the rest of our representatives are lacking interest.
The second poster really did sound like a fed. Things really are worse than I thought (if that is even possible).
Our Congress investigate the Fed Reserve.they already have oversight committes for everything…look at Fannie and Freddie, thats a joke.Once again thats putting the fox with the chickens
All those who wanted “change”, please stand up.
AT LEAST THIS “CHANGE ARTIST” DIDN’T EVEN TRY TO COVER HER STUPIDITY AND INCOMPETENCY.
This what this country has become, people who no longer stand up and tell the government what to do. We allow them to tell us and not tell us what to do. What is it going to take for us to take back “OUR” governement? Starting with this NITWIT AND ENDING WITH OBAMA, WHICH INCLUDES PELOSI this country needs to make a change and quickly before we allow these people to take all our rights away. The only reason it is not on the regular news is because they are 100% behind Obama and his fleet of incompetent croonies. When are we going to stop turning a blind eye and get up off our over inflated,no more social security, give illegal alien get out of jail free, terrorist can kill all the americans they want ASSES
and do something our “SO CALLED GOVERNMENT”
Virginia