The Federal Reserve makes un accounted loans and tax payers pick up the tab
By EvanHunter
@EvanHunter (4026)
United States
January 27, 2011 8:08pm CST
Not many know this but in addition to the bail out money that the government approved there was additional money that was given out by the federal reserve in the neighborhood of 2.5-3.3 trillion dollars. The federal reserve is not required to show any transparency for any of their actions and refuses to do so now. Is it time that the federal reserve was held accountable or abolished all together considering it is not a federal institution and goes against the constitution? How do you feel about the Federal reserves ability to make loans in the trillions without being accountable or disclosing what loans were made to who and what collateral was secured for the loans?
3 responses
@dark_joev (3034)
• United States
28 Jan 11
Lets all hope that Ron Paul gets the changes he wants to have happen to the Fed Reserve so that we can finally start to get rid of them. And hey go back to a standard of currency that worked for hundreds of years and only through manipulation by bankers did we get this central bank system.
@EvanHunter (4026)
• United States
29 Jan 11
I don't mind the idea to a federal/central bank but it should be held accountable to the rest of the government without that you have no system of checks and balances and total corruption, not to mention the ability to be controlled by foreign interest.
@djbtol (5493)
• United States
28 Jan 11
I think it is very dangerous. The Federal Reserve, which is a private group, does not seem to be accountable to anyone. This is a time when the U.S. needs to rebuild and paydown debt, that means the amount of money going to other countries should be drastically cut. It doesn't make sense to have U.S. citizens suffer the changes, while the rest of the world (which mocks us) continues to take our money. Change is needed now.
@piyushbhatia1 (11695)
• India
11 Jul 20
There is a law for US citizen to Ask for Information but the Federal Reserve bank is not covered under it. Hence they can get away with it without disclosing anything.
