We need to turn this back on the media just like we did at Ames. Third place in the polls and hardly gets any questions. Go after the MSNBC and Politico bastards.
If It Weren't For Ron Paul, Here's What We Wouldn't Know:
Taxpayers were put on the hook for 16 TRILLION DOLLARS in financial assistance to Wall Street insiders, foreign, central banks and other institutions around the globe in order to prop up their failures. (Government Accountability Office Report)
Of that $16 trillion, Federal Reserve Chairman Ben Bernanke was lending "banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
From August 2007 to April 2010, the Federal Reserve handed out more than 21,000 loans to their "Liquidity Lifeline" buddies. Who got the emergency liquidity, and when? (Bloomberg Interactive Chart)
"It wasn’t just American finance. Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
"They [European firms] included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion, the most of any non-U.S. lender, and Zurich-based UBS AG, which got $77.2 billion. Germany’s Hypo Real Estate Holding AG borrowed $28.7 billion, an average of $21 million for each of its 1,366 employees." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
"Even banks that survived the crisis without government capital injections tapped the Fed through programs that promised confidentiality. London-based Barclays Plc borrowed $64.9 billion and Frankfurt-based Deutsche Bank got $66 billion." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
"Fed officials argued for more than two years that releasing the identities of borrowers and the terms of their loans would stigmatize banks, damaging stock prices or leading to depositor runs. A group of the biggest commercial banks last year asked the U.S. Supreme Court to keep at least some Fed borrowings secret." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
"By Nov. 21 [2008], when Citigroup began talks with the government to get a $20 billion capital injection on top of the $25 billion received a month earlier, its Fed borrowings had doubled to about $50 billion." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
"Over the next two months [late 2008 to early 2009] the amount almost doubled again. Citigroup was tapping six Fed programs at once. Its total borrowings amounted to more than twice the federal Department of Education’s 2011 budget." (Bradley Keoun and Phil Kuntz, Bloomberg. Aug. 22, 2011)
Citigroup, along with others such as Morgan Stanley and Bank of America Corp., account for a majority of the Fed's emergency loan holdings that were secretly placed on the backs of current and future generations of Americans.
RON PAUL KEEPS FIGHTING
Congressman Ron Paul has been a tireless advocate for greater transparency at the Federal Reserve. He’s been introducing legislation to Audit the Fed for over 20 years. Now all of his hard work has finally started to pay off, but there’s still a long way to go.
The other presidential candidates may be using his rhetoric, but none of them can match his consistent record of fighting for transparency and government accountability.