July 22, 2009
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RELATED TICKERS: GS
This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners.
Bernanke looks ready to snap.
Wow! Why don't we have the Fed Reserve shore up health care...jeez.
I can just imagine these phone call.
Foreign Central Bank: US Fed Reserve can you loan me a 1/2 trillion?
US Fed Reserve: Sure, let me get out my checkbook and write you a check...there you go. Hey, someday can you pay us back?
Foreign Central Bank: Sure just let me know I got my checkbook right here. But you know you can always write more checks yourselves... right?
US Fed Reserve: Oh yeah, there are lots of checks in here. You guys are so smart. Ok then, don't worry about paying us back. PHONE CALL ENDS
Bernanke: Guys, you need to start writing the check #'s and amounts in the register I can't make heads or tails of this.
What kills me is people who can't figure out where TRILLIONS of dollars are going don't want the Fed to be accountable to anyone.