I found out yesterday, that we "the public" only owe 9.7 trillion (video is slightly old) of the 14+ trillion dollar national debt. The government owes the rest. Now doesn't that make you feel a lot better!
Now you know how much you owe, let see how well the FED is keeping track of that money.
|Alan Grayson: Asking Donald Kohn, of the FED who gets the money? [l=1:30]
||Alan Grayson: Is Anyone Minding the Store at the FED?
OH, and by the way, do you remember the 2.3 trillion dollars the Pentagon lost in 2001 (I think it is on a yearly basis now)? Click on Donald to see how they made it disappear... I think it was an airplane.
To put everything in perspective here is Glen Beck, not that I usually watch his show, but I thought the video illustrated our national debt in a very understandable way:
And here is how the stimulus money was distributed.
More Serious Explanation of the National Debt
Now lets look at all this from another perspective. First watch Bloomberg's video:
Now, let see if I get this straight. We all thought we were bailing out Wall Street with the TARP (Troubled Asset Recovery Program) program which was highlighted in the media as $800 Billion dollars Treasury debt. Which was going to straddle our children with a greatly increased national debt for years.
Then we find out that the FED, who is not part of our government, lent out an additional $7.7 Trillion dollars in our name (we are on the hook for this money).
Then they gave the Treasury more money.
Then they gave the banks more money.
Which totals to.
So this is the difference in what I perceived the American people owed as a national debt and what the FED, a private institution, perceives we owe.
What is even weirder is Bloomberg had to sue the FED to get this information
Bloomberg News Files 'Extraordinary Lawsuit' To Crack Fed Secrecy Around Bank Bailout:
But, the FED was unwilling to give up the information, so they appealed, with the help of their friends at The Clearing House. Anything look suspicious?
You might want to check out who owns these banks!
The Clearing House Payments Company L.L.C. is owned by the following banks:
Bank of America, N.A.
The Bank of New York Mellon
Branch Banking and Trust Company
City National Bank
Deutsche Bank Trust Company Americas
Fifth Third Bank
First Citizens Bank & Trust Company
HSBC Bank USA, N.A.
JPMorgan Chase Bank, N.A.
Manufacturers and Traders Trust Company
PNC Bank, N.A.
RBS Citizens, N.A.
U.S. Bank, N.A.
Wells Fargo Bank, N.A.