Fed audit: $16 trillion in loans to banks in less than three years « Hot Air

Fed audit: $16 trillion in loans to banks in less than three years « Hot Air:

"Yes, that’s sixteen trillion dollars in “emergency” loans to financial institutions from the beginning of the recession in December 2007 to just one year ago.  The long-awaited GAO audit shows that the Federal Reserve loaned more than the worth of the annual US economy, and not just to American banks, although US institutions got the lion’s share. "