Federal Reserve chairman Ben Bernanke was confronted yesterday by Congressman Alan Grayson about which foreign banks were the recipients of Federal Reserve credit swaps, but he was unable to provide an answer as to where over half a trillion dollars had gone. Asked which European financial institutions received the money, which was handed out by The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, Bernanke responded, “I don’t know.”
“Half a trillion dollars and you don’t know who got the money?” asked Grayson. (See video link below)
Houston we had liftoff right from the open and we pretty much beheaded the old head and shoulders pattern when we literally blew through S&P 960. This also blew any setups for tomorrow so sit back and enjoy the insanity we call America!
