Captain, we need another Printing Press.

[rinthea]

I don't buy the 'if we didn't do this then that would have happened' rhetoric.

The FED/US taxpayer is taking huge losses.

Here's a nice example of theft. Closing out some swaps when they nationalized AIG. Paying about double what they were worth.

"The New York Fed’s decision to pay the banks in full cost AIG -- and thus American taxpayers -- at least $13 billion. That’s 40 percent of the $32.5 billion AIG paid to retire the swaps. Under the agreement, the government and its taxpayers became owners of the dubious CDOs, whose face value was $62 billion and for which AIG paid the market price of $29.6 billion. The CDOs were shunted into a Fed-run entity called Maiden Lane III."

New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers - Bloomberg.com

[GrobbeeTrull2.0]

The Fed isn't a fully-government entity, thus if we want to control it better, we should have the government take it over. I mean, look at what the captains of private industry (such as AIG, Citi, etc) did to themselves.