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.
Paul is right, the Fed needs to be shut down.
That is exactly why I am saying these institutions are insolvent. Whats worse is that after all the bailouts, nothing changed. They are still playing the same games at the same leverage and it will end the same way.
Alcohol Tobacco and Firearms should be a convenience store not a bureau!
Someone needs to receive the death penalty for this. There is no accountability whatsoever. Where did the Fed find the money? It printed the money, and loaned it for 0.01% interest to these banks. This is ridiculous.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.
Bankers didn’t disclose the extent of their borrowing. On Nov. 26, 2008, then-Bank of America (BAC) Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his Charlotte, North Carolina-based firm owed the central bank $86 billion that day.
This is what I posted about in my thread "What About Occupy The Fed"?
http://www.soonerfans.com/forums/sho...Occupy-The-Fed
How can there be too many children?
That is like saying there are too many flowers.
Mother Teresa
-------------------
(Or, too many tax-payers!)
Albo:Originally Posted by AlboSooner
We were subject to the greatest heist in the history of the world and all the righties keep telling us Wall Street is blameless and should not be taxed. The money was spent to keep our economy from imploding which was caused by Wall Street and their schemes. I have said over and over that our nation was robbed of seven to ten trillion dollars. Maybe people will start to pay attention.
BTW do you know where those banks invested the money?
Yep
And you know this was done under Paulson and the Bush administration? Right?
And you know that this has accelerated and continued under Obama and Geithner? Right?
This is past left or right. People need to learn to drop that crap and start voting for people not already involved in DC and/or wall street.
This crisis has nothing to do with Obama, Bush or Congress besides their complicate enabling of the criminal behavior. The root is the FED and the greed consuming the upper levels of the big banks and wall street. We will get nowhere close to a resolution until we vote them all out and put in people willing to stand up to them. Its already too late for that though. Even if we voted 100% of everyone out office it would take 5 more years just to get enough of a majority to actually have an impact. We do not have that much time. They started out kicking the can down the road a decade at a time, then it was year to year, then month to month, now its week to week. Actually its almost daily now.
It is impossible to fix this through any combination of taxes, cuts or outright confiscation, there simply isnt enough wealth in the entire world to soak up the debt currently carried.
The only way to fix it is to allow these banks to fail, retooling the entire regulatory bodies that deal with banks and wall street so that they can and will actually do their jobs, massive cuts to entitlement programs, restructuring pension funds, and tossing out the FED. None of those will happen with the current group of clowns leading this country until they are forced into acting by a complete collapse and kicking the can down the road is no longer an option.
Alcohol Tobacco and Firearms should be a convenience store not a bureau!
Try 16 Trillion on for size.
http://www.forbes.com/sites/traceygr...nder-reported/
and thats just from late 08 through 2010The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
Alcohol Tobacco and Firearms should be a convenience store not a bureau!
Killer it is easy to let all this fail. Dealing with it is an entirely different situation. Personally I think it would be far better to drag some of the folks out of their offices and shoot them in front of their Wall Street buddies and tell them to stop or they will be next.
The OWS message has also been lost. The original message is that corporation are not people and money is not free speech. We have to get corporate money out of politics.
just wait for the backdoor bailout of european sovereigns via the IMF. the IMF is currently underfunded to get the job done and with usa being the biggest contributor, it takes congressional approval to fund it. Tom Colburn and a few other republicans (thank god!!!) came out late last week and said any effort to fund losing trades in europe will be shot down in congress. unfortunately, the fed has the power to side step congress and fund it directly. is this a great country or what?
Reward bad behavior and you expect things to change?
"No man is so small that he can not be a giant on an internet forum."
Can anybody cross-reference this list to the same companies executives that have jobs in the Obama administration; and/or are big bundlers and donors to OBama???
How about you Diver?
How can there be too many children?
That is like saying there are too many flowers.
Mother Teresa
-------------------
(Or, too many tax-payers!)
Golee! It's ben almost a well since I saw the blame Bush card the last time.
Well done Diver!
Diver, and real facts? What banks? How much??
Anthying close to $1.3 Billion???
Any of those execs given important jobs in the Booosh administration?
How can there be too many children?
That is like saying there are too many flowers.
Mother Teresa
-------------------
(Or, too many tax-payers!)
Cruiser they give to both parties pretty much equally. Geitner was a Bush hire so was Paulson both GS guys. So was Bush's chief of staff. He hired more GS guys than any President before him.
Last edited by diverdog; 12/6/2011 at 10:43 AM.
Read the report in this thread. The bulk was done under Bush and did accelerate in 2009. However, almost all of that was in the pipeline by 2009.
and lets not forget the free look that hank paulson gave to a few goldman backed hedge funds that fannie and freddie were going under 8 weeks before the sh*t hit the fan....the list goes on and on. but remember diverdog, one cannot bring anything up from the disaster that was 2000-2008. it would disrupt the narrative that obama is the worst president in history and he's converting us to communism!!!!!
True.
They loan it back to the gov't and make risk-free interest off of it. It's like me getting paid interest off your money. It's a pretty sweet racket if you can get it.
it is a great racket. the problem is that there's not enough edge in the risk free carry right now. especially when bernanke is encouraging you to take on massive risk. why not short the USD/long piigs soverigns? short USD/long gold? short USD/long anything?
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