Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts

[knight22]

Title said it all. Shocking and outrageous.

http://www.sott.net/article/250592-Audit-of-the-Federal-Reserve-Reveals-16-Trillion-in-Secret-Bailouts

[odolvlobo]

Here is the report: http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

[SunBin]

How accurate is the news and figure on the report?

The link doesn't look like a reliable source.

[knight22]

Apparently the $16 trillion number is a fabrication.

Here is the report: http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

How is that a fabrication? It is written black on white at page 131.

[knight22]

How accurate is the news and figure on the report?

The link doesn't look like a reliable source.

The link provided the source of the audit http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

[botany]

We will have to wait and see whether any action is taken on this.
At least, it has become public now.

[RoadTrain]

Another FUD.
Right on the page 130

For example, an overnight PDCF loan of $10 billion that was renewed daily at the same level for 30 business days would result in an aggregate amount borrowed of $300 billion although the institution

That's just a sum of transaction amounts, not that it says much.

[odolvlobo]

Apparently the $16 trillion number is a fabrication.

Here is the report: http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

How is that a fabrication? It is written black on white at page 131.

Sorry, "fabrication" was a very poor choice of words. "Misleading" or "out-of-context" are better descriptions. Here is an explanation of why the $16 trillion amount needs to be considered in context.

Table 8 aggregates total dollar transaction amounts by adding the total dollar amount of all loans but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding. For example, an overnight PDCF loan of $10 billion that was renewed daily at the same level for 30 business days would result in an aggregate amount borrowed of $300 billion although the institution, in effect, borrowed only $10 billion over 30 days. In contrast, a TAF loan of $10 billion extended over a 1-month period would appear as $10 billion.

In other words, the Fed didn't loan anyone $16 trillion.

[knight22]

So where this total comes from exactly?

[odolvlobo]

So where this total comes from exactly?

How is that a fabrication? It is written black on white at page 131.

[efreeti]

Need an accountant or an auditor to explain what all these numbers mean.

Throwing a big number around doesn't mean anything without proper context.

[Weed Stuff]

interested . this will be bigger . its btc will touch 5k next year .
i believe it will happened .

[Luckylui]

Under the table dealing. Got to love the GOV.

[counter]

 This is the kind of news that makes me bullish on Bitcoin.  It's news like this that should be discussed at length by the average person.  Nothing will change if people don't have a clue where the problems started or who plays the major roll in causing the problems.

[leopard2]

interested . this will be bigger . its btc will touch 5k next year .
i believe it will happened .

either that or the financial system will be reset via a large war. US and R-USsia are working on it, Ukraine might be just a stage for a play, a show. 

[cp1]

Is there a website that doesn't have any pictures of Guy Fawkes on it that could truthfully summarize the findings and state them for regular people to read?

[po1992one]

I wouldnt call it shocking though. This is why we have Bitcoin where everything is clear and public

[Mobius]

It was really no secret that the Fed spent trillions on bailouts. I think the $16 trillion figure is somewhat inflated though. It is also important to note that all the money used to bail banks out has been paid back with interest (except the money lent to the automakers - it was really given to the UAW).

[robhimself]

You guys do realize this article is from 2 years ago, right?

[yuriygeorge]

I don't know if you've been following the news, but the House of Representatives (US) has just voted in favor 333-92 for the Federal Reserve Transparency Act, aka Audit The Fed. I created a Government petition:
http://wh.gov/iiFlu

Please, if we can get 100k signatures, then we may be able to get the white house to force a vote in the senate! Please share