Daily Archives: 2009/08/05

Financial Services Committee Rep Alan Grayson laughs at Ben Bernanke

Rep. Alan Grayson (D)  Fla. laughed at Federal Reserve Chairman Ben Bernanke during his questioning before the House Financial Services Committee.

The US Congressman from Florida , Alan Grayson focused on the Fed’s handouts to Foreign Central Banks. These “Central Bank Liquidity Swaps” rose from a total of $24 Billion at the end of 2007, to over $553 Billion by the end of 2008.

Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other counries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Grayson: “Half a Trillion Dollars and you don’t know , Who Got the Money?”

Grayson: “Well, look at the next page – the very next page has the US Dollar nominal exchange rate, which shows a 20 percent increase in the US Dollar nominal exchange rate at exactly the same time that you were handing out Half a Trillion Dollars. You think that’s a Coincidence?”
Bernanke: “Yes.”
Grayson: “hah-hah

Is Anyone Minding the Store at the Federal Reserve? The Question of the Day: ” SO WHO GOT THE MONEY? ” – Alan Grayson

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