Tuesday, May 26, 2009

Fed Admits to Losing 9 Trillion Dollars

This is among the most amusing videos I've seen in some time.

Pay particular attention to the exchange 3 minutes into the video.

Senator: So what I'm asking you is, if your agency has extended 9 trillion dollars in credit, which by the way works out to about 30 thousand dollars for every man, woman, and child in the country, I'd like to know, if you're not responsible for investigating that... who is?"

Inspector General (complete with deer in the headlights look): no... umm.. well... we... actually... have responsibility for the Federal Reserves programs and operations... audits...to conduct audits and investigations in that area... in terms of who's responsibile for investigating... umm... would you mind repeating the question one more time?

After the senator repeats the question 3 times... she finally admits that she not able to respond to the question and has no idea who would be. At that point... the hearings should've been adjurned... and at that point... all three branches of government should've gotten together and completely dismantled the Fed.

If you looked at your banker and asked him where 9 trillion dollars of your money went... and he gave you that answer... you'd probably shoot him... and rightly so. Firing them seems pretty damned merciful at this point.

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