Months ago Alan Grayson asked Bernanke which foreign banks got a $500 billion loan. Bernanke replied, "I don't know".
Did somebody really make an electronic run on the banks?
Of course audit the Fed.
But my problem is that auditing the Fed is not going to be enough. It takes too much pressure off of the President, Congress and the Senate for their own conflicts of interests, aka. special interests and lobbyists who work against American citizens. Auditing the Fed is not necessarily a red herring, it's only part of the problem.
Look, the American citizens gave Uncle Sam $1.34 trillion in income taxes in 2007. Corporate America gave Uncle Sam a lousy $300 billion plus BRIBES that year. They got preference because the bribes went straight to the legislators.
If Americans wanted to change things for the better, we have to address the context of bribery and a conflict of interest and limit that with our politicians. We are entitled to our representation, everyone on Capitol Hill should be sued for going against their contracts.
Why haven't Fuld and Mozillo been placed on trail YET? We need Congress to testify, we also need Dubya, Paulson and Bernanke to testify.
The employment/population growth dropped a staggering 60% in the last decade, which is why so many people foreclosed on their homes to begin with. (see table at the bottom of "Jobless Recovery" on Wikipedia) Guess what? A lack of jobs creates foreclosures. Gen Y is most adversely affected by these statistics and without jobs (less inflation) Gen Y doesn't have the capacity to lessen the fiscal burden to bail out criminals and foreign banks.
There are so many things that we need to nail our legislators for. Save America, Bomb K Street i say! (K Street in Washington D.C. is a major hub for lobbyists).