Auditing the Fed: Where’d Our Money Go?

Hear Senator Bernie Sanders’ (VT-I) fiery speech on the floor of the US Senate in support of the Sanders-DeMint bipartisan amendment requring transparency at the Federal Reserve and mandating a GAO audit. Senator Sanders asks a simple question: Where did all the taxpayers’ money go? Who was involved, and were there conflicts of interest? He says at one point, the entire process looks like a scam to him, and he quotes chapter and verse. Example: the Fed gave billions at near-zero interest to big banks to restore liquidity and the flow of loans to small businesses, but it appears the banks used the money instead to buy US government Treasuries paying higher interest to them, and then used the money to pay themselves billions in bonuses—- the audit will find out for the American people. It is impressive, and frightening when you hear even this boiled-down history, and the most frightening thing is that apparently there is a rumor that President Obama will either veto the audit of the Fed, or present an alternative, watered-down version. My question: Do the banks really own our government? Listen to Bernie Sanders.