The true cost of TARP? 7.7 Trillion

[Kreutz]

http://abcnews.go.com/blogs/business/20 ... g-reports/

In a story that sheds new light on the extent of the country’s financial crisis, Bloomberg Markets magazine reported today that the Federal Reserve lent trillions of dollars to beleaguered financial institutions, with $1.2 trillion going out on just one day in 2008.

Fed Chairman Ben Bernanke had argued back in 2008 when the crisis hit that revealing borrower details would create a stigma that would have led to more banks collapsing. And the Fed fought to keep the details of the loans, which totaled $7.77 trillion, secret long after.

it gets better! The banks then took this money, "loaned" to them at 0.01% (i.e. free money), then loaned it back to the government via T-bills for 3% interest, pocketing a cool 13 billion in profit from that one move alone.

These are the same pricks that wanted to keep charging overdraft fees with impunity.

[SHMIV]

They also want to charge you to cash a check that is drawn on their account.

[gunderwood]

Nice.

The greatest national security threat to this county is the debt/deficit and the great enabler of the threat is the Federal Reserve. It's high time we audited them...because when the truth comes out what they actually do (e.g. this mess), there will be a massive public outcry to hang those crooks.

As a side note, this is one reason I've never liked Cain...he was part of this racket.

Cain served as Chairman of the Board of the Federal Reserve Bank of Kansas City Omaha Branch from January 1, 1989 to December 31, 1991.[7] He became a member of the board of directors of the Federal Reserve Bank of Kansas City in 1992.[7] He served as deputy chairman from January 1, 1992 to December 31, 1994, and then as its chairman until August 19, 1996,[7]

I find it interesting that the conservative media has never, to my knowledge, asked candidate Cain who's suppose to be so "conservative" and "fiscally responsible" about his work at the Fed. I suspect that one doesn't get to be a chairman without a fair amount of dirt...

Edit: Perhaps the main stream and alternative medias aren't all that different after all?

[mamabearCali]

http://abcnews.go.com/blogs/business/20 ... g-reports/

In a story that sheds new light on the extent of the country’s financial crisis, Bloomberg Markets magazine reported today that the Federal Reserve lent trillions of dollars to beleaguered financial institutions, with $1.2 trillion going out on just one day in 2008.

Fed Chairman Ben Bernanke had argued back in 2008 when the crisis hit that revealing borrower details would create a stigma that would have led to more banks collapsing. And the Fed fought to keep the details of the loans, which totaled $7.77 trillion, secret long after.

it gets better! The banks then took this money, "loaned" to them at 0.01% (i.e. free money), then loaned it back to the government via T-bills for 3% interest, pocketing a cool 13 billion in profit from that one move alone.

These are the same pricks that wanted to keep charging overdraft fees with impunity.

Not on you Kreutz--on all this Baloney and shenanigans they pull off at our expense. I don't expect anything less of banks--they are there for their own self-interest, but really our representatives should do better.

[Kreutz]

I don't expect anything less of banks--they are there for their own self-interest, but really our representatives should do better.

Who do you think they actually represent? Not us, can't blame them, unless you and I have 7.77 trillion to throw around. That buys alot of influence.

Oh, wait, we did have it (in the sense anyone can have imaginary fiat currency), the banks got it.

this happy fellow really needs to make a comeback and be permanently installed on Wall Street and in every other Federal reserve city.

[mamabearCali]

In theory they are supposed to represent their constituents. The reality seems to be further and further off of that with each ensuing election no matter who we elect.

[gunderwood]

Who do you think they actually represent? Not us, can't blame them, unless you and I have 7.77 trillion to throw around. That buys alot of influence.

I think you can blame them. In fact, I think they are even worse than those banks! The banks are simply trying to use their dollars to purchase influence like you or I do, but obviously on a grand scale. That doesn't absolve them from wrong doing anymore than I could be absolved for using my dollars to purchase a hit (i.e. have someone killed). The banks essentially used their money to purchase theft, which also is unethical.

I consider the politicians even worse because not only are they participating in the unethical buying and selling of legal theft, coercion, fraud, etc., but they are doing it with "public" resources! It adds insult to injury when you're not only taking those "public" resources by force, but then are using them in ways that directly harm those whom you took it from and for your benefit! So, yes I can blame them.

IMHO the politicians are the root cause of this problem. Without them the whole scam isn't possible and would fall apart like a house of cards in a hurricane. After all, they created the laws with make this unethical activity legal for personal gain.