I can’t believe it’s come to this:
After disclosure of $7.7 trillion bailout, decided to “˜come completely clean’
Federal Reserve chairman Ben S. Bernanke disclosed today that as of 2008, the U.S. has belonged to Goldman Sachs.
Of course, China owns $1.1 trillion of U.S. debt and Japan owns another $900 billion. But that is just a drop in the bucket compared to the $7.7 trillion the Fed gave the major banks and Wall Street financial firms to keep them afloat at the end of 2008.
Previously, a figure of $700 billion was thought of as the entire bailout, but a recent Freedom of Information Act (FOIA) request revealed the true nature of the giveaway to the financial industry.
” Once we realized we’d never get it back,” Bernanke said, ” we decided to just hand over the deed as well. We wanted to come completely clean on this, so you know we are not hiding anything else.”