Matt Taibbi writes: "Most Americans know about 'the budget'. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the 'official' budget in size - a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology."
Why did the Federal Reserve fork over $220 million in bailout money to the wives of two Morgan Stanley bigwigs? (art: Victor Juhasz/Rolling Stone)
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