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Do you remember the TARP bailout? The American people were absolutely outraged that the federal government spent 700 billion dollars bailing out the “too big to fail” banks.
Well, that bailout was pocket change compared to what the Federal Reserve did.
As you will see documented below, the Federal Reserve actually handed more than 16 trillion dollars in nearly interest-free money to the “too big to fail” banks between 2007 and 2010.
I've been hearing about it the last few days. UNBELIEVABLE, yet no one is going to do a dang thing about it and it will just get swept under the rug as everything else like this is as well.
You mean the 7 trillion (not 16) that was on Jon Stewart yesterday (http://www.hulu.com/watch/306290/the-daily-show-with-jon-stewart-thu-dec-1-2011 - broken link)?
Do you remember the TARP bailout? The American people were absolutely outraged that the federal government spent 700 billion dollars bailing out the “too big to fail” banks.
Well, that bailout was pocket change compared to what the Federal Reserve did.
As you will see documented below, the Federal Reserve actually handed more than 16 trillion dollars in nearly interest-free money to the “too big to fail” banks between 2007 and 2010.
beyond disgusting. . No one in DC talking about it either, wow do they have contempt for their constituents or what? How much longer can this go on.........
The loans were collateralized, but if a bank failed, the collateral would have been almost worthless. A huge, huge risk. No wonder the program was kept secret because it never would have been politically feasible.
The banks, and their employees, should be grateful... should be...
According to the GAO audit, $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010. The following list of firms and the amount of money that they received was taken directly frompage 131 of the GAO audit report….
Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Barclays PLC - $868 billion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
Royal Bank of Scotland - $541 billion
JP Morgan Chase - $391 billion
Deutsche Bank - $354 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Bank of Scotland - $181 billion
BNP Paribas - $175 billion
Wells Fargo - $159 billion
Dexia - $159 billion
Wachovia - $142 billion
Dresdner Bank - $135 billion
Societe Generale - $124 billion
“All Other Borrowers” - $2.639 trillion
Do you remember the TARP bailout? The American people were absolutely outraged that the federal government spent 700 billion dollars bailing out the “too big to fail” banks.
Well, that bailout was pocket change compared to what the Federal Reserve did.
As you will see documented below, the Federal Reserve actually handed more than 16 trillion dollars in nearly interest-free money to the “too big to fail” banks between 2007 and 2010.
You kind of got that right.
Had to do with Obama's new bank math.
Banks are holding all the real estate inventory rather than selling it because to do so they'd have a loss.
So Obama created FUTURE VALUE and all banks keep foreclosures on the books at pre-bubble values.
Meanwhile Obama gave away no interest loans everywhere if the banks in return bought all the USA bonds with a 3.5% interest to the banks.
In other words, Obama gave them all a gift and faked the solvency of our banks.
You kind of got that right.
Had to do with Obama's new bank math.
Banks are holding all the real estate inventory rather than selling it because to do so they'd have a loss.
So Obama created FUTURE VALUE and all banks keep foreclosures on the books at pre-bubble values.
Meanwhile Obama gave away no interest loans everywhere if the banks in return bought all the USA bonds with a 3.5% interest to the banks.
In other words, Obama gave them all a gift and faked the solvency of our banks.
Don't you love big government?
Is this Obama's legacy?
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. No one in DC talking about it either, wow do they have contempt for their constituents or what? How much longer can this go on.........
