Dwarfing earlier multi-billion dollar bailouts, Bloomberg News reports the Federal Reserve says it is prepared to give up $7.76 trillion on behalf of taxpayers to thaw the credit markets.
At this point, no one knows where the money is going. The Fed refuses to tell the press exactly who received the $2 trillion of emergency loans already doled out. Bloomberg is working on a FOIA (Freedom of Information Act) request to find out.
After a while you have to start asking yourself: Where is all this money coming from, and where exactly is it going?