The House of Representatives, led by Ron Paul, voted to broaden the U.S. government’s powers to audit the Fed’s activities - a step in the right direction, although it is not a complete audit - and the Government Accounting Office has completed the audit and reported it's conclusions.
Ben Bernanke, Alan Greenspan, and various other bankers strongly opposed the audit and warned Congress about the effects an audit would have on markets. I am not surprised that it didn't happen - they're not the gurus they'd like you to believe.
Results of the Fed audit:
Remember that the U.S. GDP is $14.12 trillion. $16,000,000,000,000.00 (that's $16 trillion - but I thought you should see all the zeros) had been secretly given out to U.S. banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Fed had secretly bailed out many of the world’s banks, corporations, and governments. The Fed likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Meanwhile, the American public is obligated to pay interest on the debt!
The TARP Bailout authorized $800 billion to be given to failing banks and companies. But, Goldman Sachs alone received $814 billion, and the Fed donated our money as follows: $2.5 trillion to Citigroup, and Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” Bernie Sanders (Ind.-VT)
The entire national debt over its 200+ year history is $14.5 trillion prior to the Obama administration. The budget that is being debated so heavily in Congress and the Senate is $3.5 trillion.
The fact is that the Fed is trying to bury us. Why? It is a very old plan. See the link below
I repeat: ARE YOU OUTRAGED, YET??? WHAT ARE YOU GOING TO DO ABOUT IT, AMERICANS!