The Fed Spends Your Money to Help Wall Street, Then Says Nunya

Where is the money going? The Fed says nunya, as in nunya business. According to Bloomberg.com, "Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure." The Federal Reserve board members are not elected by the people, in fact they have no accountability what-so-ever to the American taxpayer. The Federal Reserve is merely a group of private banks. According to Louie Hunter, a lobbyist for Americans for Tax Reform out of Washington, DC, "The Fed is a non-elected body, and do not believe for a second that because the president appoints the head of the Fed that the President has any control over it. Currently and for the last 95 years, our monetary system has been run by the Federal Reserve." (follow link to learn much more about the Federal Reserve) Barney Frank, House Financial Services Committee Chairman, supports the Fed's lack of transparency. The Congressman claims that disclosure would "give people clues to what your pricing is and what they might be able to sell us and what your estimates are.'' In September of 2003, Frank also stated, ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' This statement has proven to be false. Despite the fact that AIG is under investigation by US regulators, the Fed has lent them $81 billion and Bloomberg is reporting that AIG claims "it received an expanded government rescue package valued at more than $150 billion." Insurance and Safety Fire Commissioner of the state of Georgia, John Oxendine, revealed in September that all of AIG's insurance accounts at state levels were fine. The problems start when bank holding companies are allowed to own other financial companies. This was prohibited by the Glass-Steagall Act of 1933, but repealed in November of 1999, by a vote of 54 Republican Senators and 1 Democrat in favor and 44 (all Democrats) voting against.