January 15, 2009

Blue America's Alan Grayson showed us how it's done and grilled Fed Vice Chair Donald Kohn over 1.2 trillion dollars that has been lent or spent and Kohn won't tell us where the money has gone. It's a bottomless pit. Matt Stoller now works for Grayson as his senior policy adviser and helped do a bang-up job on this video.

Stoller explains:

Congressman Alan Grayson needs your help to find $1.2 trillion of Federal Reserve money. Since September 1, 2008, the Federal Reserve balance sheet has expanded from $800 billion to $2 trillion, or $4000 for every man, woman, and child in America. Where did this money go? No one except Fed officials know.

Now, one of the neat things about being a Congressman on the Financial Services Committee is that you get to ask Fed officials questions. And yesterday, Donald Kohn, Vice Chair of the Federal Reserve Board of Governors testified before the House Financial Services Committee and refused to tell my boss where the Fed has put $1.2 trillion of Federal Reserve money. Watch this grilling.

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