This was a huge week folks. The two big stories I wrote about were the AIG bailout and cover-up and the U.S. deficit. I have a couple of really good stories to pass along that will give you some more perspective on both.
First, there is a lot more to the AIG story that will come out in the future. The Huffington Post ran a story called “Is Bernanke Hiding a Smoking Gun?” It’s about how the Fed Chief was behind the bailout of AIG even though his staff recommended not to rescue the insurance giant. Ryan Grim wrote, “A Republican senator said Tuesday that documents showing Federal Reserve Board Chairman Ben Bernanke covered up the fact that his staff recommended he not bailout AIG are being kept from the public. And a House Republican charged that a whistle blower had alerted Congress to specific documents provide “troubling details” of Bernanke’s role in the AIG bailout.
Sen. Jim Bunning (R-Ky.), a Bernanke critic, said on CNBC that he has seen documents showing that Bernanke overruled such a recommendation. If that’s the case, it raises questions about whether bailing out AIG was actually necessary, and what Bernanke’s motives were.” (more from the Huffington Post)
The other story I wanted you to read is by the former Comptroller General of the United States. David Walker was the nation’s top accountant for 10 years. He has been warning of problems with America’s massive budget deficits for years. Earlier this week, I told you the new debt ceiling will equal roughly the entire Gross Domestic Product of the U.S. The budget deficit is now a whopping $14.3 trillion inred ink! (click here for the latest story on the new $1.9 trillion increase) Walker says this is nothing but very bad news. Walker’s piece is called “The Scary Budget Numbers” and it is a very good and horrifying read.
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Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.