The Fed Doesn’t Have a Problem with Fake Money – America Does!

by Dennis Miller
Miller on the Money

I chuckled when I read the Wall Street On Parade (WSOP) article, “Congresswoman Katie Porter Tells the Fed that It’s got a ‘Big Problem’.” She asked Randal Quarles, Vice Chairman for Supervision of the Fed:

“The Fed is largely responsible for dispensing the $500 billion Congress provided as a bailout for corporate America – the biggest bailout in our country’s history, potentially. Using taxpayer dollars to buy bank debt was never part of that plan. In fact, the Federal Reserve stated explicitly in this document [holds up document] that it would not be purchasing bank debt. What happened?”

Quarles responded: “We haven’t bought bank debt in those facilities.”

The democrat congresswoman points out some of the bailout money was spent on Exchange Traded Funds (ETFs). She asks how much of that contained bank debt. Quarles said he did not know how much bank debt was included in the ETFs. She caught Quarles in an outright lie and continues:

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