The expansion of the bailout and Federal Reserve loan programs are now happening even faster than anyone could have imagined.  Today we learn that Bloomberg News has filed suit against the Federal Reserve Bank of New York for failure to respond to their Freedom of Informaton Act request.  That request was for information about which companies have received the over $2 trillion dollars in loans now on the Fed's balance sheet.  It's the first time ever the total loans have topped $2 trillion and is up over 140% this year.  These loans are seperate from the $700 billion dollar bailout package, you've got to add them together, along with the $25 billion going to the automakers (and they want more) and the loans to AIG insurance.  Yes, that's right, the original bailout for AIG of $85 billion on September 14th has already gone right out the window and become a $150 billion package with more favorable terms for AIG and a five year payback instead of two.  So we just get to wait an extra three years to find out the taxpayers will get the shaft on this one, as usual.  The Bloomberg News request and subsequent avoidance from the Fed for the disclosure of who has received these trillions of taxpayers dollars is very disturbing.  All through out the bailout hearings the tag team of Bernanke and Paulson, under oath before Congressional committees, repeatedly claimed they were in favor of transparency and releasing as much information as possible to the taxpayers.  Yet when Bloomberg began asking for this same type of transparency on other loans on the NY Fed's balance sheet, over a trillion dollars worth of new loans this year, the Fed didn't even bother to respond as is required by law under the FOIA.

Have you seen a list of the companies who are now actively involved in bailouts or have already taken bailout taxpayer funds?  Just over a month ago we were told this $700B bailout would start the economy on the right track again and the taxpayers would end up probably making money.  In just a few short weeks this has all changed, big surprise.  The government doesn't really know what it's doing and is now prepared to drag down the U.S. taxpayer even further.  Besides banks, some of which continue to fail (two this weekend), now the auto industry in Detroit, numerous insurance companies, as previously mentioned the biggest insurance company AIG has almost doubled what they need, Fannie Mae already taken over by the federal government has announced a $29 billion dollar loss and will likely need more money pronto, state and local goverments are pressing for passage of a $100 billion bailout for them, it's not going to end, this run on sentence could go on much longer!  The day the federal government can inject itself into the U.S. economy and be successful is the day a marxist government will be reconsituted from Lenin's grave and establish itself in D.C.  The hole is just getting deeper and the crisis extended by the propping up of institutions that have failed with leadership that has failed and will continue to fail.  How do you explain giving billions of taxpayers' dollars to company executives who have already lost billions of dollars of company funds and expect a different result?  Isn't that insane?

This is not to mention the companies who have been doing a good job and are, or were, making money, but are now at a huge disadvantage by not receiving "free money" from the taxpayers' account!  How would you feel if you had worked hard at a McDonalds and become a manager and then got a loan to buy your own franchise.  You then worked even harder making it successful and paid off your loan only to see your across the street competitor, Spanky's Burgers, take out big bank loans to try to beat you with several unsuccessful strategies and just as you were about to win the burger battle the mayor of your town said Spanky's can't go out of business it's too important for employment, competition and he just likes Spanky's so we're going to lend Spanky's all the money they need to continue in business.  Of course Spanky's will eventually fail, but at what cost to you and the town's taxpayers?

Now the worse news...British Prime Minister Gordon Brown gave a speech today in which he repeatedly called for a new "global society".  Britain is of course our closest ally in the world so what their leaders have to say is of some importance.  Here are a couple of quotes you may be concerned about,   "The alliance between Britain and the U.S. -- and more broadly between Europe and the U.S. -- can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order"  and  "...And if we learn from our experience of turning unity of purpose into unity of action, we can together seize this moment of change in our world to create a truly global society."  and lastly,  you'll just have to trust me that he went on about protecting "middle income countries" by expanding the International Monetary Fund (undoubtedly at U.S. taxpayer expense primarily) and having new global financial system rules.

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