Tuesday, January 17, 2012


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


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.

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