Arbitrary Rule

On the Borderline reminds us of this extremely disturbing point. 

With the announcement this morning of another $800 billion in credit guarantees and the purchase of Fannie and Freddie debt, the current tally of all Treasury, Federal Reserve, and other government agency obligations or guarantees associated with the financial crisis stands at a staggering $8.3 trillion. This amount is equivalent to over 50% of the nation’s GDP. If the American people were taxed for the money, then the bill due from every person would exceed $25,000.

Surprising to some, only $700 billion of the $8.3 trillion was ever voted on by our representatives in Congress. The balance was conjured up by the Federal Reserve Chairman and Treasury Secretary; and it all happened behind closed doors.

Our government has just put the taxpayers on the hook for TRILLIONS of dollars and none of us ever had a say in it.  Our system is seriously flawed.