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Matt Renner, Truthout: "Ask most people on the street how much money taxpayers are using to save banks and you will probably hear the number $700 billion. The Troubled Asset Relief Program (TARP) passed by Congress at the urging of the Bush administration and then Treasury secretary Henry Paulson, allocated an unprecedented sum of taxpayer money for the sole purpose of propping up the financial sector in its darkest hour. But the actual number is much bigger. The current block of taxpayer money that has been pledged by the US government and the Federal Reserve to prevent the system from collapsing, according to an analysis by Bloomberg News, is roughly $12.8 trillion as of March 31. In an interview with Truthout, Rep. Alan Grayson (D-Florida), said the Federal Reserve is practicing 'Enron accounting,' and has 'socialized Wall Street's bad bets.'"

http://www.truthout.org/051309J?n



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