"Most Americans know about that budget. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the 'official' budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology."
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- PMMJ (
cheetahmaster) wrote,
PMMJ
cheetahmaster
Another must-read from Matt Tabibi
"Most Americans know about that budget. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the 'official' budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology."
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lurching towards a finale
2014 IN REVIEW: * Looking back: did anyone predict the foreign policy crises of the year ahead of time? * "The 10 Worst Civil Liberties Violations…
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on the end of Serial season one
"But the real pull of the show wasn't the promise of solving the mystery, it was seeing just how thick and convoluted the mystery became. Listening…
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today's top read
"I don't know what to do with good white people."
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