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America's Covert Government Lending

Share / Recommend - Comment - Print - Wednesday, Jan 14 2009, 5:10PM

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This is an intriguing exchange between Congressman Alan Grayson (FL-08-D) and Federal Reserve Vice Chairman Donald Kohn.

While I think that the US has few choices right now about the scale of financial stimulus and efforts to get the financial system back into some degree of relative health, there are many choices regarding the 'terms' of federal support.

I had no idea that there was a shroud over the roster of financial institutions that were drawing on American taxpayer money to shore up their positions. Some institutions are not taking federal money -- and some are.

Some financial firms are financing the offshoring of American industry and even their own backshop operations -- but we don't know which of these firms have been on the dole and which not. It's my view that firms that take funds from America's middle class owe something back to America's national employment base.

But we have no way at this point of knowing who is on the roster of support from the Federal Reserve. This seems wrong.

Kudos to Congressman Grayson for trying to open this door.

-- Steve Clemons

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Reader Comments (4) - post a comment

Posted by serge, Jan 14 2009, 6:08PM - Link

It's simply breathtaking. On the other hand, Grayson is a huge breath of fresh air.

Posted by carsick, Jan 14 2009, 6:22PM - Link

I watched the Ascent of Money last night on PBS and at this point I have no idea where the sun is or if there will ever be another sunrise but I can only hope there are some strings attached that our taxes are going to help our economy and citizens.

Posted by College Papers, Mar 16 2010, 12:29PM - Link

Interesting article thanks for sharing this site stuff with me.

Posted by giochi casino, Feb 09 2011, 2:47AM - Link

I personally think there is a huge distortion in the financial system in the States, and this will not help so much...