I have been thinking more about the issue of a audit of the Fed since my post The Fed Should Be Audited. Not only should the Fed be audited, but all of these other bailout programs that were written in late 2008, including the bailouts of automakers should be audited. I’ll even go farther as to say that a study of the effect of the all these add on programs like “cash for clunkers” should be done.
Personally, as a taxpayer, I would like to know where all this money has gone and who it benefited, because in my opinion, it hasn’t benefited the average American. I have seen plenty of benefit for bank executives and labor unions, but not much for the average tax paying person. Congress and the Fed obviously went against the wishes of most of us (if not all), so there must be a good reason. I would like to see the facts backing up those decisions.
So much money was printed up and flushed down the toilet. Where did it all go? There must be an answer. As much as I think the answer could totally trash the dollar, I think people have the right to know. After all, our grandchildren are going to be paying back the debt for those AIG bonuses. As much as some argue that an audit of the Fed can only bring trouble, my argument is that the Fed brought trouble on itself. I know that a lot of the problems are by design, and I think an audit is the first step to fixing that design.