$4,000 per Man, Woman and Child

The Federal Reserve Bank recently increased its balance sheet (read debt) from $800 billion to $2 trillion, an increase of $1.2 trillion. This translates into $4,000 for every resident of the United States.

When asked what happened to the money, Fed Vice Chair Donald Kohn said it has been lent out to various financial institutions. When asked who got the $1.2 billion, he REFUSED to say who got the money. Not only that, he said if he told, then those banks would not be willing to borrow.

So my family just borrowed $16 thousand via the Fed to loan to Wall Street (this is on top of the $10 to $20 thousand in TARP money from the bailout spent on behalf of my family), and they can't tell us who gets the money or what we received in return?

I am beginning to see that the "full faith and credibility" of the U.S. Government upon which our monetary system is fairly empty. The Fed is acting like that Jack Nicholson character who yells "You want the truth?! ... You can't handle the Truth!!!"


UPDATE: Is this what were are to expect from our investment? I smell fraud charges and lawsuits from now until the end of doom.