Twenty. Six. TRILLION. Dollars.
Here is a small part of the letter where Congressman Alan Grayson spells it all out to John Hively, “The World’s Most Accurate Economic Forecaster Since 1989”.
Full Letter here > http://johnhively.wordpress.com/2011/12/05/breakdown-of-the-26-trillion-the-federal-reserve-handed-out-to-save-rich-incompetent-investors-but-who-purchase-political-power/
CONGRESSMAN GRAYSON: I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number.
Page 131 – The total lending for the Fed’s “broad-based emergency programs” was $16,115,000,000,000. That’s right, more than $16 trillion. The four largest recipients, Citigroup, Morgan Stanley, Merrill Lynch and Bank of America, received more than a trillion dollars each.
The 5th largest recipient was Barclays PLC. The 8th was the Royal Bank of Scotland Group, PLC. The 9th was Deutsche Bank AG. The 10th was UBS AG. These four institutions each got between a quarter of a trillion and a trillion dollars. None of them is an American bank.
Page 205 – Separate and apart from these “broad-based emergency program” loans were another $10,057,000,000,000 in “currency swaps.” In the “currency swaps,” the Fed handed dollars to foreign central banks, no strings attached, to fund bailouts in other countries….
These currency swaps and the “broad-based emergency program” loans, together, totaled more than $26 trillion. That’s almost $100,000 for every man, woman, and child in America.
That’s an amount equal to more than seven years of federal spending — on the military, Social Security, Medicare, Medicaid, interest on the debt, and everything else. And around twice America’s total GNP….
If the Fed had extended $26 trillion in credit to the American people instead of Wall Street, would there be 24 million Americans today who can’t find a full-time job?
The results of the audit were first published on the morning of July 21, 2011. read here> http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
IT'S VERY DIFFICULT TO COMPREHEND THE DEPTH OF THE FRAUD
The initial figure of 16 trillion that jumped out of the Federal Reserve audit is more money than all the goods and services produced by every single person in the United States -- for any given year.
It is greater than the entire amount of debt ever racked up by the United States in its 235-year history as well.
The 2010 Census estimated there are 114,825,428 households in the US. Sixteen trillion dollars in secret bailouts adds up to 139 thousand and 342 dollars per household.
The full figure of 26 trillion adds up to nearly a quarter million dollars per household – $226,430.68 to be exact.