Read it and weep.
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.”
5 comments:
Richard, this $7.7 Trillion will amount to what will be, effectively, and really already has been, a hidden double and triple taxation. Notice the price of commodities in the last several years? Most of the sheep don't understand why these commodities have increased so substantially, if they've noticed at all....because most of them are too obsessed with the latest i-phone, i-pad, i-pod or video game that's hitting the market.
This $7 Trillion is being used to speculate in commodities, because returns on commodities are much better than returns on treasury notes, and the resulting rush of money into commodities sends prices skyrocketing. Who does the skyrocketing price affect the most? That's right.....those of us living paycheck to paycheck. It's yet another hidden tax, and meanwhile, the rich get richer. Ordinarily, I wouldn't care how rich they are so long as their wealth doesn't have any influence on my life, and their wealth didn't come from reaching in my pocket.
I would like to say these vampiric bastards like to kick dogs when they're down, but many of dogs aren't even dogs, and even if they were, they don't have the capacity to know they're down, and even if they miraculously did, they have no idea how, nor the physical and psychical tools, to defend themselves or strike back with a vengeance.
Shrub, did you enjoy how the majority of financial wizards had to continually reiterate that the dispersal of all that free money was necessary? I'm surprised that they aren't nominating Bernanke for the Medal Of Freedom.
By the way Shrub, I prefer to call the Apple excreta an i-pooed.
Sorry, not at home & I can't remember my password.
Yeah, I hear them, Richard.....and it's funny, because if you understand the implication, they're essentially saying these fuckers are holding all of us hostage....meaning, hand it over to them, or else they let it crumble. What's ironic is that it is crumbling for the majority of the planet, and has been, and because of saviors like Steve Jobs, people have their noses and heads so far up the i-shoot, they don't realize that they're Wiley E. Coyote gone over the cliff and there's nothing but thousands of feet of air beneath them before rock solid earth.....which hurts when you hit it going 160 mph. Well, at least many of them will bounce from all that blubber, so actually it will be fun to see....like dropping watermelons or bowling balls off roofs Allah Letterman.
http://www.youtube.com/watch?v=_d8ROhH3_vs
http://www.youtube.com/watch?v=c5spRGiakb0&feature=related
Check out our 'fake news' story on this! "Fed Now Admits It Gave Goldman Sachs Deed to the USA" http://www.humortimes.com/4274/fed-now-admits-it-gave-goldman-sachs-deed-to-the-usa/ - Humor Times
Shrub, having nothing better to do, I just googlied the bank bailout. Curiously it seems that, other than Bloomberg & blogs & message boards & Mr. Israel's sarcastic broadside, no one is reporting diddly squat about any of this. Naive little twat that I am, I sat at work this weekend periodically (or idiotically) scrolling through the news channels expecting something. A deafening silence was my reward.
I mentioned it to few co-workers who, I suspect, consequently think I'm a loony who believes loony internut crapola.
While this may be true I do find the complicity of every one of the major news networks to be a tasty bit of seasoning on top of this shit salad.
Maybe it will eventually make some ID channel docudrama on psychopaths as an example of how some psychopaths become serial rapists who bite off their victim's nipples while others become bankers who stick 7.7 trillion inch dildoes up their countrymen's collective poop shoots.
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