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Kucinich: the Federal Reserve is paying banks NOT to make loans to struggling Americans!
U.S. Congressman Dennis Kucinich (D-Ohio, 10th District) questions Neil M. Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), testifying before the House Committee on Oversight and Government Reform, about interest payments made to banks that keep their TARP funds and other government (taxpayer) bailout money with the Federal Reserve, instead of making loans to struggling Americans (the original intent of the TARP, remember?) The Fed makes generous interest payments to the banks for "parking" their "excess reserves" at the Fed.
And guess who will end up paying for this "interest" given to the banks, and everything else? That's right, you and me, John and Jane Q. Suckers!! The dumb, fat sheep!
By the way, Neil M. Barofsky is a good guy here -- don't beat up on him. He's in immediate danger of losing his job (if not his life) becauses he's revealing too many of the Temple's dark secrets. Barofsky deserves our full support.
You can download Special Inspector General for the Troubled Asset Relief Program (SIGTARP) reports,testimonies and audits at sigtarp.gov. The July 20th, 2009 report, "SIGTARP Survey Demonstrates That Banks Can Provide Meaningful Information On Their Use Of TARP Funds," is esecially interesting and can be downloaded at: http://sigtarp.gov/reports/audit/2009/SIGTARP_Survey_Demonstrates_That_Banks_Can_Provide_Meaningfu_%20Information_On_Their_Use_Of_TARP_Funds.pdf
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