Tuesday, May 12, 2009

Shocking Cluelessness from the Federal Reserve Inspector General

Rep. Alan Grayson probes Federal Reserve Inspector General, Elizabeth Coleman, by asking simple, basic questions about the trillions of dollars lent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Coleman responds that she does not know and is not tracking where this money is.

According to the Fed's OIG web page:

The Office of Inspector General (OIG) conducts independent and objective audits, inspections, evaluations, investigations, and other reviews related to programs and operations of the Board of Governors of the Federal Reserve System (Board). OIG efforts promote integrity, economy, efficiency, and effectiveness; help prevent and detect fraud, waste, and abuse; and strengthen accountability to the Congress and the public.


  1. we are screwed.

  2. I've never heard of Rep. Grayson before, but he is great. I think Ron Paul could take some lessons from him on how to ask questions without wasting half his time speechifying.

    It's quite obvious that the Inspector General is a toothless, blind and chained "watchdog".

  3. Yup, Grayson is impressive.