$13 trillion is missing in action

What is going on with the out-of-control Federal Reserve and continued Wall Street plundering of our tax dollars?

Today, nearly $13 trillion in taxpayer dollars in bailouts and loans threaten every aspect of our lives. Our constitutional principles and freedoms are being assaulted at every turn. More bailouts, trillion-dollar "stimulus" plans, huge new debt burdens for our children, simply printing money to cover our failed policies and mask our dire economic situation - I could go on and on.

You and I both know President Obama is going to keep going and going unless the proper controls are put into place.

Just think about the magnitude of our spending: The massive, outrageous amount of dollars committed to the economic bailouts in recent months totals more than the New Deal, more than the entire Iraq debacle, more than the 1980s savings and loan mess, more than the Korean War ... COMBINED.

The basic premise of examining any problem is determining root cause, which means starting with the Federal Reserve. However, the Federal Reserve is shrouded in secrecy. Their meetings and inner workings are off-limits to the public. And just recently, the Federal Reserve told Congress "NO WAY" when asked to account for $2 TRILLION in taxpayer-backed loans!

In the beginning of President Obama's administration, he preached accountability and transparency, which has been little more than rhetoric. There is a bill before Congress to "Audit the Fed" (HR 1207 and S 604), in which all Americans should take an interest. This could be the first time in history requiring the Federal Reserve to answer to the American people about how our money is being spent.

President Obama needs to step up by supporting this bill and practice what he preaches.

Gary Sarkesian

Lake Zurich