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Fed can't account for $9 Trillion

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  • #1

    Fed can't account for $9 Trillion

    The Federal Reserve Can Not Account For $9 Trillion In Off-Balance Sheet Transactions



    This video is a must watch for anyone who wants to understand just how "effective" the Fed is at safeguarding taxpayer money. Apparently nobody at the Federal Reserve has any clue where the trillions of dollars that have come from the Fed's expanded balance sheet have gone. Additionally, nobody there seems to have any idea what the losses on the Fed's $2 trillion portfolio really are.

    As for the pittance of $9 trillion in Fed off-balance sheet transactions over the past 8 months, well, yeah, that's also somewhere out there... Just don't ask the Federal Reserve where.

    Rep. Alan Grayson summarizes it best "I am shocked to find out that nobody at the Federal Reserve is keeping track of anything."

    http://zerohedge.blogspot.com/2009/0...unt-for-9.html

    There was a great late 60's character actor movie called "Who's Minding The Mint?" starring Jim Hutton and Dorothy Provine (featuring Milton Berle and Victor Buono, Jack Gilford, and many others). Time for a re-make: Who's Minding The Fed?
    Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -Groucho
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  • #2
    Re: Fed can't account for $9 Trillion

    But, on CNBC uber-host Larry Kudlow celebrates this as creating "little bit inflation that's good" and implies that it is free market capitalism at work.

    EJ's "bullhorn" at work.

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    • #3
      Re: Fed can't account for $9 Trillion

      That woman really would have serious trouble finding an exit at a train station. I am assuming she is the "best person for the job" and as a subsequence the Taxpayer should have faith in the future outcomes of the money spent. That prompting "bimbo" behind her was more informed and she appears to have the brains of a smashed crab.
      God help you - cause on evidence, thats all you have.

      Comment

      • #4
        Re: Fed can't account for $9 Trillion

        I think the details sort of undercut the apparent cluelessness. As I understand it from this post:

        http://www.nakedcapitalism.com/2009/...r-general.html

        ... the programs are run from the New York fed and, unbelievably, there's some kind of firewall between the govenors and the districts. Yves comments were thus:

        "Rep. Alan Grayson asks Inspector General Coleman of the Federal Reserve some very basic questions of about various Fed programs and activities and gets nowhere. And the worse is that the IG isn't stonewalling, but instead is clearly completely clueless. Watching the video, you get the impression that Coleman can't name a program beyond the TALF.

        But there is a possibly more important issue at stake. The interview is with the Inspector General of the Federal Reserve Board of Governors. The programs are actually at the Federal Reserve Bank of New York. For reasons I cannot fathom, the Board of Governors is subject to Freedom of Information Act requests, while the Fed of New York has been able to rebuff them.

        So I take Coleman's inability to answer key questions to be a feature, not a bug. The Fed of New York probably can answer Congressional questions, is taking care to limit what it conveys to the Board so as to keep the information from Congress and the public. Note in the questioning the emphasis on "high level reviews"."

        Obviously just parroting this back, but the distinction seems important to me regardless of whether you endorse Smith's interpretation or not.

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        • #5
          Re: Fed can't account for $9 Trillion

          These are the same folks snowing us with today's lede story:

          Insolvency for Social Security and Medicare Is Seen Closer

          By BRIAN KNOWLTON 3:40 PM ET

          Because of the recession, the Medicare hospital insurance trust fund may be depleted by 2017 and Social Security reserves gone by 2037, years earlier than previously forecast, a new report from the programs’ trustees says.

          http://www.nytimes.com/2009/05/13/us...h.html?_r=1&hp

          2037 is 38 ******* years from now. Sadly some fellow iTulipers buy into this bullshit.

          And what would the miraculously found $12T plus for the banksters buy?

          Oh, yes, there is no (Shssss, class warfare) in America. No, no, no....

          FIRE is an illusion.

          Better believe it

          Comment

          • #6
            Re: Fed can't account for $9 Trillion

            Originally posted by don View Post
            These are the same folks snowing us with today's lede story:

            Insolvency for Social Security and Medicare Is Seen Closer

            By BRIAN KNOWLTON 3:40 PM ET

            Because of the recession, the Medicare hospital insurance trust fund may be depleted by 2017 and Social Security reserves gone by 2037, years earlier than previously forecast, a new report from the programs’ trustees says.

            http://www.nytimes.com/2009/05/13/us...h.html?_r=1&hp

            2037 is 38 ******* years from now. Sadly some fellow iTulipers buy into this bullshit.

            And what would the miraculously found $12T plus for the banksters buy?

            Oh, yes, there is no (Shssss, class warfare) in America. No, no, no....

            FIRE is an illusion.

            Better believe it
            What Social Security reserves?

            Comment

            • #7
              Re: Fed can't account for $9 Trillion

              Originally posted by don View Post
              These are the same folks snowing us with today's lede story:

              Insolvency for Social Security and Medicare Is Seen Closer

              By BRIAN KNOWLTON 3:40 PM ET

              Because of the recession, the Medicare hospital insurance trust fund may be depleted by 2017 and Social Security reserves gone by 2037, years earlier than previously forecast, a new report from the programs’ trustees says.

              http://www.nytimes.com/2009/05/13/us...h.html?_r=1&hp

              2037 is 38 ******* years from now. Sadly some fellow iTulipers buy into this bullshit.

              And what would the miraculously found $12T plus for the banksters buy?

              Oh, yes, there is no (Shssss, class warfare) in America. No, no, no....

              FIRE is an illusion.

              Better believe it
              I can't understand your point. And by the way, 2037 is 28 years away, not 38.
              "...the western financial system has already failed. The failure has just not yet been realized, while the system remains confident that it is still alive." Jesse

              Comment

              • #8
                Re: Fed can't account for $9 Trillion

                The point is we're being asset stripped, just as surely as Iceland. Not as barefaced but close. Sorry about the math error, single malts can do that ;)

                Comment

                • #9
                  Re: Fed can't account for $9 Trillion

                  i'm reading 'the tyranny of words' at the moment by stuart chase. It explains the need for a more scientific and relative language rather than employing absolutes and abstractions that people don't really understand or agree on, and blasts philosphers and economists among others for having helped create poor language. So I feel your pain, people should probably just say what they mean more, but having said that I do enjoy being a smart arse on the odd occasion too.

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                  • #10
                    Re: Fed can't account for $9 Trillion

                    I can sympathize with the lady. I can't find my 9 trillion in my account either. van

                    Comment

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