Cost of Bankster Bait and Switch Now $8.5 Trillion!!

Cost of Bankster Bait and Switch Now $7.4 Trillion
Kurt Nimmo - Infowars - Monday, Nov 24, 2008

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CIVICS NEWS Update, 11/27: Prison Planet.com reports,

The total cost of funds committed to the bailout in its various guises has now hit $8.5 trillion dollars, up from $7.7 trillion in just two days after the federal government committed an additional $800 billion to two new loan programs on Tuesday.

The total amount of funds now committed equals a figure that represents 60 per cent of the U.S. gross domestic product.

Millions of Americans with savings accounts and pensions will ltimately pay the price because, as the San Francisco Chronicle admits
today, “The Fed lends money from its own balance sheet or by essentially creating new money.”

You’ll also find this little snippet in the article, “Most of the money, about $5.5 trillion, comes from the Federal Reserve, which as an independent entity does not need congressional approval to lend money to banks or, in “unusual and exigent circumstances,” to other financial institutions.

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“The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago,” reports Bloomberg. “The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s.”

It is not, however, a response to an economic emergency. It is brazen grand larceny conducted in broad daylight. It is financial terrorism and the bankster engineered TARP is the equivalent of the Patriot Act that allows the government and Wall Street to get away with the biggest heist in modern history. Paulson and his co-conspirators rammed their bank robbery bill through Congress with threats of martial law and dire warnings of a financial crash. Now they are cleaning out the till with precision as Congress and the American people stand dumbfounded on the sidelines.

“When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight,” Bloomberg continues. “Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.”

It should be noted that the amount of money pledged is equivalent to $24,000 for every man, woman and child in the country.

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CIVICS NEWS Comment: I thought the Congress only contributed $700 billion. Ron Paul and others said at the time that the bailout madness would top $5 trillion at lest.