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The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps. The Senate is to vote early this week on a stimulus package totaling at least $780 billion that President Barack Obama says is needed to avert a deeper recession. That measure would need to be reconciled with an $819 billion plan the House approved last month.
Originally posted by TruthMagnet
My word... There must be a way we at ATS (or at least I) can think of a way to get a cut of this!
Might as well use their corrupt, rediculous, system - against them!
The Troubled Asset Relief Program (TARP) was originally conceived and sold to Congress as a means of helping American families. After its implementation, TARP was immediately used to bail out financial institutions on Wall Street with the hope that the benefits would “trickle down” to the rest of the population. The Treasury put roughly $254 billion into financial institutions in exchange for preferred shares and other assets. If all the dealings were fair and balanced this would result in the Treasury holding at least $254 billion worth of institutional assets which it could either liquidate or hold until they appreciated in value. However, the Treasury did not get a full return on its investments. In exchange for $254 billion in borrowed taxpayer money, the Treasury received approximately $176 billion in assets. There is absolutely no explanation as to the whereabouts of the remaining $78 billion.
The COP did not draw any conclusions about the missing money, but Elizabeth Warren – who is heading the panel – went so far as to say that the Treasury had been less than “candid” about the subject. Warren’s statement was given before the Senate Banking Committee during a hearing on Thursday.