Jack, you're half right. The US government went into debt to the Federal Reserve Bank [the "Fed"], and had the Fed print up the money that went to the banks and the financial houses to bail them out. The Fed bought up the "troubled assets" in the TARP program, so they have control of these assets. Plus the government owes them trillions for the bailout. BUT...the money the Fed spent for the bailout, which went into the hands of the banks, is now BACK in the hands of the Fed because of higher "reserve" requirements imposed on the banks.
So the Fed is owed trillions of dollars for the bailout...they control the "troubled" assets...AND they have back the majority of the dollars they "loaned" the banks. Plus, the banks STILL have to pay back the Fed...and the US taxpayers ALSO owe the Fed for printing all that money that, essentially, never left their hands to begin with!
Pa Kettle never pulled off a scam of such audacity, and Bernie Madoff surely must be jealous of how this works!
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