Bloomberg News is out with an important new study of the financial crisis and government actions to "battle" the crisis. Based on Bloomberg’s examination of 29,000 pages of Fed documents obtained under a FOIA request and central bank databases detailing more than 21,000 transactions, Bloomberg writes:
• Taxpayers paid a price beyond dollars as the secret loans helped preserve a broken status quo and enabled the biggest banks to grow even bigger.
• Challenges the view championed by Treasury Secretary Timothy F. Geithner and others that saving the banks meant saving the economy.
• Brings to light that bankers used the money to lobby against reforms, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers, even as Congress doled out more money and debated new rules aimed at preventing the next collapse.
• Banks likely have earned an estimated $12.9 billion in profit by taking advantage of the Fed's below-market rates.
The full story is here.
Not just the banks but all the insider profited by borrowing (creating money out of thin air) at 0.25% and investing/enslaving the taxpayer chumps by purchasing government treasury debt at 3%. Print up $100M and get 2.75% interest ($2.75M) extracted from the fool taxpayer at gunpoint. All you have to do is sign a couple of documents to "earn" this money.
ReplyDeleteYou are OWNED by these animals!
With all the information they have now, isn't it all enough evidence to finally arrest The Bernank and Paulson and charge them with fraud, extortion, terrorism, etc.?
ReplyDeleteThey are legal terrorists.
ReplyDeleteYou will need huge armies and nuclear bombs if you want to ever get rid of these terrorists, Therefore, You will need to run your own successful money counterfeit racket. They know they can do whatever they want...Why do you think they rushed to put the police state in place.
RW, thanks again for your excellent blogging. This is my #1 source for the latest monetary shenanigans in the U.S. and across the pond.
ReplyDelete