"This is what has Bernanke in a panic. If Congress compels a full audit â?? a real audit, not a FED-controlled audit â?? individual members of Congress will discover that the American financial system is a house of cards. A few of them will release the results of the audit to the public. This will include Website publishers, who will go over the audit, line by line. The mainstream media will face being scooped by newsletter writers, so they will try to publish first.
The public will find out which banks are not safe. This is what has Bernanke in panic mode.
The public will pull deposits out of the biggest, least safe banks and open new accounts at banks that look safer. That will bust some very big banks.
There is no way that the FDIC could cover the losses of even one of these giant banks. It is down to $12 billion in assets, mostly T-bills. It would have to come to Congress for the line of credit that Congress has extended: $500 billion.
The banking cartel would face a breakdown. Why? Because the public would finally learn which big banks got how much money, how much Treasury debt for toxic assets, and on what terms."
Write to your Congreeperson and demand this audit.