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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Today's Featured Article - A Lifetime of David Brown - by Samuel Kennedy. I was born in 1950 and reared on my family�s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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