Goldman Sachs - $2.7 Billion
Citigroup - $4.3 Billion
These are the recently announced second quarter profits for three of the major recipients of bailout cash. Does anyone else find it astounding that while the rest of the economy is in shambles with hundreds of thousands of jobs being shed on a monthly basis that these banks are posting tremendous profits? Curious how this happened?
Thank the Federal Reserve. Pull a dollar bill out of your wallet. It says "Federal Reserve Note" across the top. The Federal Reserve is a private institution that Congress has chartered to manage our money supply in direct dereliction of their constitutionally mandated duties. The Federal Reserve has dished out $2 Trillion in loans in the past year and they refuse to disclose the recipients of this money. Guess what...by law, they don't have to tell us.
Does it shock you that in its 97 years of existence, the Federal Reserve has never been audited even once? Presently, we are prohibited from knowing about the Federal Reserve's operations by law. Ron Paul has proposed legislation HR 1207 "The Federal Reserve Transparency Act of 2009" that would require a complete audit of the Federal Reserve to be performed by the GAO (Government Accountability Office) by 2010. This is the division of government that provides audits for every other government agency. The companion bill in the Senate is S 604.
Senator Jim Demint of South Carolina recently attempted to get this bill inserted into the 2010 Spending Bill but was blocked from even getting it to a vote. Why? Because if we audit the Fed we will realize what a scam it is and our government will no longer be able to recklessly spend our money and inflate our currency behind closed doors.
People blame "evil capitalism," but we have not practiced free market capitalism in this country for 100 years. What we practice is corporatism, where major corporations and the select few are the beneficiaries of government largesse. Cronyism at its finest. They get the benefit of easy money on the way up as well as a government bailout on the way down. Is it any wonder that Wall Street was the number one donor to Obama's campaign? They want to keep a good thing going!
I urge you to write or call your Senators and Congressmen and tell them that you demand that they support this legislation.
http://www.senate.gov/gene
https://writerep.house.gov
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