by Administrator January 17th, 2011
By Ramsey Ramerman
“We give government our tax dollars with few strings attached. But one “string” – the most important string – is that we insist on having the right to know how our money is spent. This string is attached by transparency laws. The people’s “right to know” is how We the People can maintain at least some control over how government spends our money.
One such string was contained in the Wall Street reform bill passed by Congress last year. An audit provision required the Federal Reserve to disclose that it loaned $9 trillion to private banks and corporations during the 2008-09 bailout – more than four times the United States’ annual tax revenue – including more than $1 trillion to foreign banks.
These are the taxpayers’ dollars, so taxpayers have a right to know how the Federal Reserve makes its decisions – all of its decisions, not just those made during the bailout.”