I'll post the response when it comes in. What I wanted to write but didn't was that the FED is like a lifeguard at a pool who's mission is to drown those in the pool. I thought that was getting dramatic though. Stay tuned...
Congresswoman Tauscher, I wrote you some months ago expressing my concern that the FED was acting inappropriately according to their mandate. I objected to the JP Morgan financing that allowed them to purchase Bear Stearns. I feared that the money borrowed from the American tax payer would not be returned and the tax payer would then have paid for the purchase of Bear Stearns and received absolutely no return.
You responded that the FED is outside the control of the government so as to not be politically manipulated. You responded that it was not the place of congress to oversee the FED's actions.
According to this article (NY POST) the value of the collateral used for the loan is worth less then the value borrowed.
Do you understand what that means? I’m not sure you do because if you did you would realize that taxes have just been added without the sign off of Congress. As I understood that used to be illegal but I may have an antiquated understanding of how this now works.
The FED's job used to be to protect the dollar. The dollar is approaching all time lows in value so they have utterly failed there. Now they are spending tax payer money without the tax payer having a voice in the matter. You say that the FED is outside the control of Congress. So what stops the FED from bailing out all of Wall Street if Congress has no control? Who stops the FED from completely bankrupting the country? Are there now 4 branches of government with the FED being the 4th and having no oversight and being more powerful then the other 3 combined?
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There are very few financial problems that can't be solved by a suitable application of asset bubbles.