Feeling the pinch of the second edition of the “Summer of Recovery” ?
Well, do not worry, you can feel a little better knowing that those who helped kick off The Second Great Democrat Depression got plenty rich from you, your family’s and neighbor’s treasure.
About the only “good” part of the profane Dodd/Frank Wall Street Act (which is about as misnamed as the Ted Kennedy Violence Against Women Act) is that it did provide for a mandated “audit” of the Federal Reserve. Even a timid audit of this kind produced some amazing findings.
From The Raw Story:
The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank.
Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.
Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office’s (GAO) analysis shows.
Additionally, asset swap arrangements were opened with banks in the U.K., Canada, Brazil, Japan, South Korea, Norway, Mexico, Singapore and Switzerland. Twelve of those arrangements are still ongoing, having been extended through August 2012.
So about 10% higher than the entire size of the U.S. economy. But, don’t worry. All of that “stimulus” will produce $100,000 jobs for everyone. Maybe. Possibly. One of these days. Or maybe not.