A bad day for Fed Governor Kohn

Congress Ron Paul (R-Texas) asks who the central economic planner is for the U.S. and what exactly is going on with the $1.2 trillion increase in the Fed's balance sheet.

When asked about oversight, Kohn says that just showing up before Congress is an important part of that process...

Be sure to stay tuned for the Matrix clip at the very end.

Rising star Congressman Alan Grayson (D-Florida) is also none to pleased with Fed's recent activity - note the "money spent" vs. "money lent" interchange.

On Grayson's notecard it says:

1. Mr. Kohn, How much of has the balance sheet of the Federal Reserve increased since September 1?
2. What was that money spent on?
3. Which institutions received it and how much for each institution?

The follow-up questions are even better. For example, what gave the Fed the authority to promise banks they would not disclose how much money they were being given and what the Fed was getting in return.