Rep Alan Grayson grills Bernanke about Half Trillion in loans to foriegn banks

Representitive Alan Grayson grills Fed Chairman Bernanke on the unprecedented “credit swaps” ie  loans to foriegn central banks to the tune of half a trillion dollars. He asks most pointedly if loaning that money won’t drive up interest rates in the US where credit has been in short supply. He catches Bernanke in several misstatements. 

While not as obvious as the Fed Inspector saying she doesn’t know where 9 trillion went, this is significant because it demonstrates the FED placing banking industry  well being over the well being of the US as a whole.  

 

 

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~ by Eric Harrington on July 23, 2009.

One Response to “Rep Alan Grayson grills Bernanke about Half Trillion in loans to foriegn banks”

  1. My guess is that the money was to prevent U.S property–government and private–in said countries from being nationalized by the recipients of the funds.

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