Not a Laughing Matter: Fed Throws Trillions at U.S. and Foreign Banks in Secret … Hides from Congress
The actual number is somewhere between $16 trillion and $23 trillion (and see this). Plus there’s trillions more in back-stopping the big banks’ derivatives, another new bailout of foreign banks (in addition to all of the old ones), and all sorts of other types of secret bailouts.
But hey, we should just support the status quo of the Fed doing its thing … shouldn’t we? After all, this is all too complicated for anyone but economists to understand, and economists say it’s necessary, right?
No, they don’t.
And see this.