By Matt Hawes
Via CNNMoney.com:
WASHINGTON (CNNMoney.com) — Federal Reserve chairman Ben Bernanke unveiled a blueprint Wednesday for pulling back — when the economy is strong enough –the trillions of dollars the central bank provided to prop up the nation’s banks and the U.S. economy.
“These programs, which imposed no cost on the taxpayer, were a critical part of the government’s efforts to stabilize the financial system and restart the flow of credit,” Bernanke said in prepared testimony for a House Financial Services Committee hearing that was postponed due to snow. “As financial conditions have improved, the Federal Reserve has substantially phased out these lending programs.”…
No cost to the taxpayer? Ah, of course, putting us on the hook for trillions of dollars (and who knows what else to foreign central banks) has no cost. If these programs are so great, by the way, then why not reveal who got the money?
On second thought, why ask questions? After all, we should just sit back and trust the one who never saw the crisis coming (and helped to cause it) to guide us back to prosperity.