This gives a new meaning to ” gov’t. corruption”!!!!
No wonder they didn’t want to be Audited..
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts -
One thing we know today is, the Democrat party is not your Mamma’s Democrat party. If the current Democrat Congress had an ounce of integrity, the House would be impeaching Barack Obama and the Senate would be convicting him. But today’s Democrat is willing to let Obama unconstitutionally bypass them. There is no way Republicans can stop it, but they could at least try – and make a hell of a lot of noise doing it. Congress has abdicated their duty and violated their oath of office, just as Obama has violated the Constitution to which he swore. Make no mistake about, this man has committed impeachable offenses.
A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.
The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.
As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.
Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.
It’s hard to say at the moment what the chances are that the bill will pass. A hearing is scheduled Thursday, which will give the public a sense of where political leaders sit on the topic, said Willis.
Just last week President Obama said there would be no more bailouts
WASHINGTON – The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan also are involved in the dollar swap effort.
The move comes after the European Union and International Monetary Fund pledged a nearly $1 trillion defense package for the embattled euro, hoping to calm jittery markets and halt attacks on the eurozone’s weakest members. The ECB also jumped into the bond market Sunday night, saying it is ready to buy eurozone bonds to shore up liquidity in “dysfunctional” markets.
The Fed’s action reopens a program put in place during the 2008 global financial crisis under which dollars are shipped overseas through the foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further.