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Good Progressive Action: Grayson Grills Fed Vice Chair About $1.2 Trillion Dollars

"Mr. Kohn, we're talking about secret payments of $1.2 trillion dollars," said Grayson. "I think you need to rethink your approach."
 
 
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Alan Grayson, the Blue America candidate whose background was representing whistleblowers against war profiteers, is now in the House and sits on the Financial Services Committee.

In a hearing yesterday, he questioned Fed Vice Chair Donald Kohn and wanted him to account for the $1.2 trillion dollars that has expanded the Fed's balance sheet since September 1.

Kohn refused.

Yep, he refused. Listen to the video. He says he will happily provide "categories" to the Committee, but refuses to name individual institutions and the amounts they received because he's afraid that if they do, "no one will borrow from us." He said the institutions were promised that their names would not be published.

Jane Hamsher is the founder of FireDogLake. Her work has also appeared on the Huffington Post, Alternet and The American Prospect.

 
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