One of the reasons why the Fed fights an audit:
A Bloomberg news investigation found that while the Treasury Department was pumping $700 billion into banks under the Troubled Asset Relief Program, the Fed was covertly operating its own bailout program – the biggest in American history. The Fed’s Shadow TARP issued $1.2 trillion in loans to domestic and foreign banks from 2007 to 2010, far more than Congress authorized Treasury to spend under TARP.
That government at all levels is out of control is pretty well understood by all but the politicians and their cronies or dependents. The Federal Reserve is supposedly a private agency, supposedly independent of government influence. It is arguably the most powerful agency or department in the world. And its actions are not subject to review or elections.
How could anything go wrong with this arrangement?
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