bailing out the banks... all around the world!

[star-white.livejournal.com]

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Florida Democrat Senator Alan Grayson drills Ben Bernanke, the Chairman of the Board of Governors of the United States Federal Reserve over the handing out of half a trillion dollars to foreign banking institutions. Grayson's main argument is over the constitutionality of the power the federal reserve has to hand these monies over without any oversight by the United States Congress. Bernanke defends the federal reserves right to hand out these funds based on the congressional approval of the Federal Reserve act.

In my opinion, the Federal Reserve now believes it is also a government body that has the power to loosen the purse strings and pass billions of dollars out as it seems fit. Feel free to argue the original intent of the Federal Reserve Act, or even against the existence of a national banking body.

Comments

[underlankers.livejournal.com]

The Fed's done more good than it has harm. And the Andrew Jackson model of federal banking might have worked in the 19th Century but this is the 21st.

[root-fu.livejournal.com]

The fed has done significant harm as opposed to good? (http://www.wnd.com/index.php?pageId=59405) (This is the correct link, srry)

[underlankers.livejournal.com]

World Net Daily?

I would trust that as much as I'd trust a history of Judaism written by Adolf Hitler.

[root-fu.livejournal.com]

The same story appears elsewhere. You can probably find it on CNN or whichever news source you prefer. Many well known and respected professionals credit the Fed with having caused these latest economic troubles as well. Example, Steve Forbes: