Rep. Kanjorski admits Congress was told that the end of the banking system and political system as we know it was at hand if they didn't approve the $700 billion TARP, and that Congress is not filled with financial geniuses...but we knew that already, didn't we?
Or, we could have let the Corrupt Bad Banks go bankrupt, let the economy cleanse itself, GET RID OF THE FED, and by the end of 2009 be on our way to recovery.
Had Rep. Kanjorski and the rest of Congress answered our First Amendment Petition of Redress Regarding the Federal Reserve back in 2002, we would not be going through this today.
Not only did the entire United States Congress thumb their noses at us, We The People in 2002, but they did it again in June of 2007 when we served the Petitions for Redress AGAIN.
So what does this mean for you and me?
Video of Dallas Fed President, Richard Fisher, States Current Liability of US Government is $88 Trillion - February 2, 2009
On a C-span interview, Richard Fisher, the President and CEO of the Dallas Federal Reserve claims that the current, long-term unfunded liabilities of the US Government is 88 Trillion dollars.
Yes, that is $88,000,000,000,000 in current long-term unfunded liabilites(you know, details like Social Security, Medicare & Medicaid).
If you're having trouble coming to grips with this figure, we'll break it down for you:
Future liabilites $88.0 T (apprx. 300E6 Americans)
Current deficit $10.6 T
This years deficit $ 2.0 T
Sub-total $100.6 T
Since roughly 156.3 million pay fed taxes, the average DEBT owed per family of 4 is, wait for it....
$558,888.00 x 4 = $2,235,552.00 (per family of four)