To the Readers' Forum:
I find it really interesting that the Federal Reserve loaned U.S. banks $7.7 trillion long before the 2008 TARP loan of $700 billion.
It was first reported by the Bloomberg magazine and then I saw it on the John Stewart show on Nov. 28, 2011. At first I thought it was an elaborate joke, but unfortunately it is no joke. Anybody can research it and see it is a very big problem.
This $7.7 trillion loan was taxpayer money and given at an interest rate at about .01 percent, and that the banks loaned the money back to the government at a higher interest rate and made a great profit.
When the Federal Reserve made these loans, Congress was never aware of this and it seems that nobody is investigating this great travesty.
At the same time these same banks are loaning our children student loans, unknown to them that they will be paying them back until they are in their retirement years, because the Congress gave them unlimited power to get the loans anyway they can.
It goes on and on and on.
I thought the Federal Reserve needed permission from our Congress to loan a sum of $7.7 trillion of taxpayer money to the banks. It sounds like a huge case of grand grand larceny. When are individuals going to be held accountable for these actions that make our country go into a $15 trillion debt and hurt all Americans?
Thomas Peterson
Jamestown