Senator Byron Dorgan:Federal Reserve Refuses To Identify Recipients Of 2 Trillion In Emergency Loans

[Wetzelbill]

Run time: 10:59 https://www.youtube.com/watch?v=7NfqGl4VoxM   Posted on YouTube: January 10, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: January 10, 2009 By DU Member: Wetzelbill Views on DU: 1815

 

[Pharaoh]

1. Amazing!

And they call this Democracy!

:puke:

[Wetzelbill]

2. your smiley says it all nt

[windoe]

3. The biggest heist in American history

as I wrote in 2003, this administration, with no oversight, drained the treasury of the supposed trillion dollar surplus left by Clinton in 2000. We have nothing to show for it, infrastructure crumbling, ruined foreign policy, abused soldiers and veterans. This money very quickly went into private bank accounts. Our natural resources are being sold to the highest bidder and there is no sign of justice or rule of law as we know it.
Obama does give me hope, but he needs backup, otherwise his sphere of actual influence will be limited by the power structure still in place around him that has ALL the (our!) lmoney.

[jimmybama]

6. Not on topic but Related

Being in the mortgage banking industry in the 90' and 2000's
One persons name keeps popping into my head. I remember when
he was the senate banking comittee chair and the head of the
whitewater investigation. At that time I kept saying this is
one slimy motherfucker and the banking industry will do much
better with out him skewing regulation. Repugs blame Clinton
for the lax regs but Alphonse M. D'Amato was the motherfucker
that caused this WHOLE mess. Not Barney Frank or Maxine
Waters. D'Amatos successor------------Phil Graham.  Anyone
else have thoughts on this?

[Enthusiast]

4. The Federal Reserve must be forced

to disclose this information or people should see jail time. This is OUR country.

[Phred42]

5. The Federal Reserve is a scam and must be dissolved

We can not afford to have a private for profit corporation in control of our monetary system.

“Give me control of a nation’s money, and I care not who writes it’s laws…”
- Meyer Armschel Rothschild 1790

No country can afford to have its prosperity originated by a small controlling class. Woodrow Wilson

[slipslidingaway]

7. Thanks, link to text below...

Full text at link...

http://www.c-spanarchives.org/congress/?q=node/77531&id=8908194

"...But when the Treasury Secretary came to the Congress, along with the Chairman of the Federal Serve Board--talk about secrecy, by the way, that is another institution that has another story attached to it--but they came to the Congress--the two of them; the head of the Fed and the Treasury Secretary--and here are the kinds of things we heard from them: We need oversight. We need protection. We need transparency. I want it. We all want it...


The Federal Reserve Board, they are refusing to identify the recipients of almost $2 trillion of assistance backed emergency loans from American taxpayers. They refuse to identify the troubled assets they are accepting as collateral. The Federal Reserve opened it window for the first time in history to noninsured banks. They have all kinds of programs now to move money out. I understand there is an urgency here, but I do not understand why the American taxpayers are told: By the way, you are the guarantor of a lot of these debts, you are going to pick up the pieces, and you are going to pay for it, but we are not going to tell you what it is we are doing. Mr. President, $2 trillion of emergency loans for troubled assets and they say: You don't deserve to know. We are not going to tell you.

In fact, Bloomberg, the news organization, had to sue the Federal government to try to get details about the total has gone out in terms of guarantees and capital which, by the way, is over $8 trillion. It does not mean we are going to lose all that. My point is, why should a news organization have to sue the Government in order to give the American people some information about how much they are on the hook for with all of this emergency activity?

About $8.5 trillion is what we have discovered as a result of Bloomberg and the work of some other enterprising reporters. It certainly is not the work of a Federal agency that has come to the Congress to say: Oh, by the way, here is exactly what you need to know. In fact, just the opposite has happened. The Federal Reserve program has about $5.5 trillion now they have engaged. I understand that is an organization that prints money, but I also understand that organization, in the end stage, is an organization created by the U.S. Congress, and any liabilities existing there are liabilities of the American people. The FDIC program is $1.5 trillion; the Treasury Department, $1.1 trillion; and Federal housing, $300 billion. That is, at this point, a compilation of about $8.5 trillion of liability that exists out there.

Now, I want to make a couple points before I try to describe what has happened and what I think should happen.

This has been a consumer-driven economy..."

[Joe the Liberal]

8. The Federal Reserve needs to be abolished..........

It is not a government institution, it is a privately owned and operated institution that is in charge of a our money supply. It doesn't give us money, it loans it to us at interest, the government has the authority to print it's own money without having to pay interest to no one.

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." -James Madison

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -Thomas Jefferson

"Issue of currency should be lodged with the government and be protected from domination by Wall Street. We are opposed to...provisions would place our currency and credit system in private hands." - Theodore Roosevelt

"The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity." -Abraham Lincoln

[MindMatter]

9. Sen. Dorgan speaks the truth

This whole episode is just unbelievable, and it shows how our country REALLY operates. Corrupt to the core.

[slipslidingaway]

10. Will anyone ask Timothy Geithner about this?

http://en.wikipedia.org/wiki/Timothy_F._Geithner

[slipslidingaway]

11. Kick, important subject n/t

[slipslidingaway]

12. ......n/t

[slipslidingaway]

13. k n/t

[cynthia]

14. this is important for all to see

[slipslidingaway]

15. kick n/t

[Karenina]

16. Did anyone else notice that when reading the WP quote

he DROPPED the word BUSH??? :rofl: I need to go watch the whole thing. Damn, he's HOT!

[slipslidingaway]

17. ....n/t

[slipslidingaway]

18. kick n/t

[MedioGringo]

19. Hmm...

As I recall, Bernanke addressed this in the last hearing on Tuesday. A congressman asked about those loans, (I believe the loans he asked about where the ones referenced here, but I may be mistaken) and Bernanke replied that the loans that were made were standard emergency overnight loans, the same type that are made to banks every day. He didn't want to reveal who those banks were because he insisted that it could create the appearance that those individual banks were insolvent, when that might not actually be the case.

On another note, I would recommend that people watch an entire senate or house hearing one day. The level of ignorance of our congressmen is astounding (see Michelle Bachman). Especially when it comes to finance.

Also, Dorgan seems to ask "why" a lot. Why did this happen? Who let this happen? Um...YOU. You failed us. You're supposed to protect us from these things. Why is Bloomberg doing the job you should be doing? I swear, I'm getting tired of members of congress playing dumb.