Fed Audit: $16T in secret loans

[FourScore]

Source: DailyKos

...From Senator Bernie Sanders...

SNIP

"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

The Fed did the following:

• Provided trillions of dollars to foreign banks and corporations, from South Korea to Scotland
• Had members of the board that received money from the Fed for their companies (Conflict of interest)
• Outsourced emergency lending programs to private contractors, who in turn received low-interest and secret loans.
• No-bid contract to manage the bailout of AIG...

Read more: http://www.dailykos.com/story/2011/07/21/997128/-Fed-Audit:-$16T-in-secret-loans?via=siderecent

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Emphasis mine.

[Divine Discontent]

1. but of course... those in power get money to play with to make themselves richer! K&R

I think it could all come down here eventually, but of course the poor and working class would suffer greatly.

[aquart]

2. Can we hang Bernanke now?

[midnight]

5. Do they still do that for treason?

[leveymg]

3. This is the sort of thing that puts a lie to the need to "balance" national budgets.

There is all the money in the world for the banks, but next to nothing left for the people. I will not accept Obama's deals with the GOP, Wall Street, and foreign banks.

He is turning into one of America's villainous Presidents.

[midnight]

4. Did Accenture get the no bid contract to manage the bailout of AIG?

[girl gone mad]

6. k & r

[naaman fletcher]

7. And where did that money come from?

They created it, out of thin air.

[freshwest]

9. Thus says Kucinich and a lot of others. No one wants to know that.

[girl gone mad]

10. The federal government doesn't have to tax or borrow to spend.

But, shhh! Don't let the "little people" know how our monetary system works. They might start to get ideas of their own.

[Amonester]

13. They don't have to create 3D money. All they do is:

Add numbers to two ledger columns.

Fed-Bank loans (long-term enough to never ask them back) x trillion to Too-Big-To-Fail (yeah, right, too big to fail writing big checks to pols...).
Fed-Bank adds the amount to its Accounts-Receivable column in the name of Too-Big-To-Fail.

Too-Big-To-Fail-Writing-Big-Checks-To-Pols adds the amount to its Accounts-Payable column in the name of Fed-Bank.

Done, and we're screwn.

[Tippy]

8. K&R

[WillyT]

11. K & R !!!

The Fed can bail out the banks, and other countries, but not our own states and municipalities?!?!

:wtf:

:mad:

:nuke:

:kick:

[underpants]

12. "polecat's smelly patch"

:rofl: