The true total of Federal Reserve emergency lending to Wall Street is not $1.2 trillion, as Fed Chairman Ben Bernanke contends, nor the $7.7 trillion figure reported by Bloomberg News, which Bernanke publicly contests.
The real number, argues economist L. Randall Wray, is a staggering $29 trillion.
Wray writes that Bernanke’s recent defense of the lower figure is “misleading” and that the chairman’s claim that Fed bailouts do not constitute a form of spending is plain wrong.
Read more on Newsmax.com: Economist: True Fed Exposure $29 Trillion Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!
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