Tuesday, December 6, 2011

TARP times eleven

more details about the Fed's involvement in the bailout of the banking system during the crisis in 2008 were revealed last week as a result of a bloomberg FOIA lawsuit & ongoing investigation, and compared to the $700 billion treasury TARP bailout that we knew about, the Fed bailout at $7.7 trillion was 11 times as large, including $1.2 trillion on one day alone; and what did the banks do with this money? nothing for us; they sat on it & collected $13 billion in interest before paying it back...former treasury economist brad delong took a look at the details & opined that "without the Fed and the Treasury, the shareholders of every single money-center bank and shadow bank in the United States would have gone bust"…john stewart explains….

No comments:

Post a Comment