It probably comes as no surprise to anyone that a federal agency who reports to no one, has no oversight, and basically makes up the rules as they go along made a financial deal of 1.2 Trillion, that with a BIG T, without so much as a mention to anyone outside the belt-loop. After all, they can just "Print more money", why not give that money to Wall St.? While my initial source was the great CampaignForLiberty.org a quick Google search will turn up hundreds of sites each vying to put their own spin on this as either a good thing or a horrible thing.
Whether this was good or bad, however it will eventually end, if it does ever end, the ultimate problem is Ben Bernake and his above-the-law or even decent subordinates at The Federal Reserve. As the roman poet Juvenal posed Quis custodiet ipsos custodes or literally "Who guards the guards", which western culture over the ages has changed to Who watches the watchers? Without oversight, audits, and a transparent system, The Fed has virtually unlimited power. Power which has not been granted or authorized by the people of this republic. Many would argue that because The Fed was established at the behest of congress in 1913 and receives appointments from The President that it satisfies at least the spirit of our founding fathers and limited government. However, how much has changed since 1913?
This will be a many part blog on the subject of The Federal Reserve and that it is time for it go. I would like to close by saying that nearly four years ago Congressman Ron Paul, who is vying for the GOP nomination for the 2012 Presidential campaign, recommended simply but provocatively to "Audit the Fed". That audit would at the very least have turn up this and probably many more questionable and egregious financial dealings. It's high time that the main stream media and the citizens of the United States pay attention to Dr. Paul.
Fed lends 1.2 Trillion to Wall Street Elite outside of TARP
