Audit: Fed gave $16 trillion in emergency loans

By Stephen C. Webster
Thursday, July 21st, 2011 -- 11:34 am

The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank.

Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.