Two TRILLION Holes In Obama's "Transparency" Fluff
By John W. Lillpop
In one of the most agitating instances of bureaucratic arrogance and malfeasance in memory, the United States government has used $2.2 trillion dollars of taxpayer treasure to bail out private firms, but now refuses to identify to whom the funds were sent.
As reported at piglipstick.blogspot.com, in part:
"In a testy exchange at a hearing before the Senate Budget Committee, Vermont Sen. Bernie Sanders, an independent who usually votes with the Democrats, said he found it 'unacceptable' that the central bank risked taxpayer money without detailing where the funds went.
'My question to you is, will you tell the American people to whom you lent $2.2 trillion of their dollars?' Sanders asked, referring to the size of the Fed's balance sheet.
Bernanke responded that the Fed explains the various lending programs on its website, and details the terms and collateral requirements.
When Sanders pressed on whether Bernanke would name the firms that borrowed from the Fed, the central bank chairman replied, 'No,' and started to say that doing so risked stigmatizing banks and discouraging them from borrowing from the central bank.
'Isn't that too bad,' Sanders interrupted, cutting him off. 'They took the money but they don't want to be public about the fact that they received it.' "
Yes, it is true that all of this began under the watch of George W. Bush.
But the American people believed Barack Obama when he promised to bring change, including transparency, to government.
George W. Bush is no longer relevant, the ball is now completely in the court of President Obama; Ben Bernanke now works for President Obama.
President Obama needs to get his mind off Rush Limbaugh and onto the business of the American people. The president should tell Bernanke to provide detailed information as requested to account for every penny of taxpayer money.
Failure to do so makes a mockery of the very concept of transparency!
Posted by John W Lillpop at 2:43 PM