Results 1 to 6 of 6
  1. #1 Secret Fed Loans Gave Banks Undisclosed Billions 
    Senior Member Janice's Avatar
    Join Date
    Apr 2011
    Location
    Southern USA
    Posts
    2,809


    Secret Fed Loans Gave Banks Undisclosed $13B

    The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

    The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

    Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

    A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act >>> details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger. >>>

    $7.77 Trillion

    The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

    “TARP at least had some strings attached,” says Brad Miller, a North Carolina Democrat on the House Financial Services Committee, referring to the program’s executive-pay ceiling. “With the Fed programs, there was nothing.” >>>

    ------------------------------------------------------------

    OWS protesters are all "wee-wee'd up" at big banks and big business while the biggest "banker" is in the White House. So he gets their support as he bankrolls the banks of the world in order to bring our financial system to collapse as quickly as he possibly can.

    And the liberal media yawns ...
    Last edited by Janice; 11-28-2011 at 08:49 AM.
    http://i1220.photobucket.com/albums/dd445/JansGraphix/ConsUndergrd-Sig2.jpg
    Liberalism is just communism sold by the drink.
    Reply With Quote  
     

  2. #2  
    Senior Member
    Join Date
    Jun 2008
    Posts
    9,027
    I love the first sentence of the article: Banks worldwide earned an estimated 13 billion by taking advantage of below-market rates...

    Earned? Really?

    How about sucked up taxpayer money that is more than either the entire yearly US budget OR total yearly GDP of the US?

    The Fed is a private cartel.
    Reply With Quote  
     

  3. #3 Fed secretly handed out $8 trillion 
    Destroyer of Worlds Apocalypse's Avatar
    Join Date
    May 2008
    Location
    Locked in a Dungeon, being tortured and LOVING IT!
    Posts
    5,100
    ..Just exactly how big was the Federal Reserve’s bailout of the banks between the years of 2008 and 2010? Thanks to a Federal Request of Information Act gone fulfilled, America now knows the truth behind a colossal cover-up: almost $8 trillion...

    ....By March of 2009, the Fed had already dished out $7.77 trillion to save the US financial system, dwarfing other assistance programs several times over. As the financial sector was on the brink of collapse, neither the Fed nor the banks involved came clean with the truth, instead lying through their teeth to keep the total facts a mystery. Until now.

    While the banks kept the bailout a secret from Congress, they lobbied to the Legislative Branch to imply more lax governmental regulations on the industry, something that would haven arguably been near impossible had the truth surfaced at the time.



    The website Naked Capitalism explains it pretty clearly in not so many words: “The bottom line is everybody close to the process lied like crazy.”...

    http://rt.com/usa/news/fed-trillion-reserve-bailout-401


    Show this to the DUmmies.
    Rest In Peace America
    July 4, 1776 - January 20, 2009
    Reply With Quote  
     

  4. #4  
    Our widdle friend. Wei Wu Wei's Avatar
    Join Date
    Jan 2010
    Posts
    6,414
    Quote Originally Posted by Janice View Post
    OWS protesters are all "wee-wee'd up" at big banks and big business while the biggest "banker" is in the White House. So he gets their support as he bankrolls the banks of the world in order to bring our financial system to collapse as quickly as he possibly can.

    And the liberal media yawns ...
    The issue that many OWS protesters have (as well as myself) isn't simply the existence of big banks or big business, but the marriage between big banks/business and the political system.

    The fact that the White House works for these people is precisely the problem, but that's not a problem that's going to be solved by voting for team R or team D to sit in that seat, the problem is systemic, it's this unholy marriage itself that erodes our society.

    Some OWS protesters aren't as vocal in their criticisms of the Democrats and Obama, but they should be. Other protesters are plenty vocal about it.
    Quote Originally Posted by Adam Smith - Wealth of Nations
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    Reply With Quote  
     

  5. #5  
    Senior Member
    Join Date
    May 2008
    Posts
    718
    If 1.2 trillion saved or created 2 million jobs, WTF did 7.7 trillion get us???
    Reply With Quote  
     

  6. #6  
    Senior Member Ranger Rick's Avatar
    Join Date
    May 2008
    Posts
    409
    Quote Originally Posted by Wei Wu Wei View Post
    The fact that the White House works for these people is precisely the problem, but that's not a problem that's going to be solved by voting for team R or team D to sit in that seat, the problem is systemic, it's this unholy marriage itself that erodes our society.
    So I as a Tea Party member, I can expect your support. Donations, votes for your local Tea Party members, etc.

    Just doing my part to GOTV.
    I dream of the day a chicken can cross the road without it's motives being questioned.

    Quote Originally Posted by lazyboy97O View Post
    How is a state religion bad, but state medicine good?
    Quote Originally Posted by steamboatpete View Post
    Anyone who makes the decision to depend upon the government to take care of their basic needs has essentially doomed himself to a life of bitter disappointment.
    Reply With Quote  
     

Bookmarks
Bookmarks
Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •