Thursday, April 22, 2010

Federal Reserve "Printing" Money

NY Times details:

The Federal Reserve transferred $47.4 billion, a record sum, to the Treasury Department last year, a result of the central bank’s actions to support the fragile housing market.

The transfer to the public coffers rose roughly 50 percent, or $15.7 billion, from $31.7 billion transferred in 2008, the Fed announced on Wednesday in releasing its annual financial statements, which were audited by Deloitte.

“Central banking is a great business,” joked Vincent R. Reinhart, a former director of monetary affairs at the Fed.

1 comment:

  1. The FED transfered MBS from Countrywide Fianncial, via BAC, to the Treausury cvalued at par? Ok, I'm kidding. Maybe the US can be in the bailout business? Imagine how much we can make on Greece! I have found the new engine of growth!