TYT: Who Did The Fed Give Money To?

[The Northerner]

Run time: 05:54 https://www.youtube.com/watch?v=-aEZ-6CP7YM   Posted on YouTube: May 27, 2011 By YouTube Member: TheYoungTurks Views on YouTube: 11565   Posted on DU: May 28, 2011 By DU Member: The Northerner Views on DU: 1611

 
Cenk Uygur explains which banks the Federal Reserve gave money to in the infamous bailout.

[truedelphi]

1. Thank you for posting. n/t

[housewolf]

2. I watched the "Too Big to Fail" movie on HBO last night

I came away from it with a much better understanding of what went on both behind the scenes as well as in public than what I had before, in spite of all my hours of news viewing & internet reading.

[russspeakeasy]

4. I haven't seen it yet. Will it appeal to the masses.?

[canuckledragger]

3. The conspiracy theorist in me says...

they gave money to banks like Gaddafi's central bank to keep the war machine going

e.g. more money to buy more weapons to cause more strife to cause international action to be taken which causes more weapons & support to be needed & more no bid contracts to be given to haliburton & Blackwater/Xe....

& round & round it goes!

:nuke:

[kimsarah]

5. Didn't

Bernanke and Paulson, then Geithner say this was all too complicated for us to understand at the time of the bailouts? Seems pretty simple to me. The big boys made out like bandits, enabled by lax regulation, and gambled away the pensions and savings plans of ordinary people. Paulson, Bernanke, Bush and Obama came to their rescue.
And what do we the people (I almost forgot, corporations are now people too) get in return? We get proposals to kill Medicare and dismantle Social Security, for less financial oversight and regulation, more secrecy, more taxpayer subsidies for the oil companies, and bigger tax cuts for the wealthiest among us.
Is this a great country or what? Do they have a name for this type of capitalism? What's really going on is what Michael Moore saw before many others saw it -- the greatest theft of the millenium and transfer of wealth and power to the haves and an ever-widening divide between the haves and have-nots. Maybe Bernanke is right. It probably is too complicated for me to understand.

[Enthusiast]

7. Welcome to DU...................nt

[Hubert Flottz]

6. K&R

[JDPriestly]

8. And I don't think that Cenk mentions the strangest thing of all.

The banks are fat and getting fatter, paying their CEOs more and more, but the frugal savers -- your ordinary grandmas and grandpas who have just a little money in the bank to pay the bills and maybe leave something for the grandkids -- are getting next to no interest on their savings -- and being forced to spend the nest eggs that they saved for retirement.

Meanwhile, the banks' Congressmen -- both Republicans and Democrats -- announce that they will cut Social Security and Medicare benefits.

And the money available for investment in education, for reducing tuition costs for students and for student loans is also being cut. What is going on here?

This is not the most important piece of the puzzle, but it is still a piece. Why do we elect and re-elect these folks who do not represent much less protect our interests.

Someone needs to explain.

[riverbendviewgal]

9. I saw TOO BIG TO FAIL twice

It is very well done and the main street people could understand what happened better in this movie.

The government failed to regulate the banks. I am thankful that the Canadian government did not go along with America's wish to make their banks like those in America - we were spared most of this disaster.

The Banks were greedy.


There is a good scene in the movie where it is explained the domino effect of Banks being unable to lend money and the effects it would have on all the world if the bailout did not happen.

The ending of the movie went on to show in print that the banks did not lend out the Federal government money lent the and the CEOs went on to get more money than ever and the Banks got bigger..

Go figure. I just hope the Justice Department of the USA does eventually bring the banks and wall street to court.

or if they don't then it is true THEY ARE TOO BIG TO JAIL.

[hulka38]

10. The only reason why the rate was 0.01% and not 0.00%

was so the Fed could claim it was a loan, obviously. It probably wouldn't have been legal otherwise.