CLEAVER: "one of our problems is nobody knows what the fed does. That's a problem. When things like the bank bailout happens, that sours the opinion of congress and the people. Then the people think congress took a vote to give money to the bank, but it wasn't us, it was you, the FED."
Q: Explain to the people how the banks got the money without this committee recomending it or it going to vote
A: Those funds would be used to buy troubled assets, but then we realized it would take a long time to figure out details to make such a program work. Then it became clear that there were many troubled institutions, so treasury decided to use the funds there instead, to inject capital into banking system. They didn't do this by giving money away. They invested it in banking instution with expectation of repayment with interest.
