The Federal Reserve's 'breathtaking' $7.7 trillion bank bailout, page 1

The Federal Reserve's 'breathtaking' $7.7 trillion bank bailout

A new report on the 2008 financial crisis reveals some shocking numbers that dramatically exceed the $700 billion TARP bailout

Fed Chairman Ben Bernanke says that newly revealed details about the Fed's bank bailout were kept secret to prevent a stigma against banks that took part.

So, a little more (relatively speaking) than 10 times the amount we were told. And, now this will fly under the radar. That is, they will get away with this without most people even hearing about it, I believe.

I'd say there's plenty of reason to be angry at the banks and the Reserve Corporation too. (Let's not call it Federal, as that tends to confuse what it actually is.) I think the OWS protestors were right to start out in NYC because that is such a densely packed area where they drew more public attention. If they went straight to the Reserve Corporation, very few would have noticed.

Hope this hasn't been posted already. I did search. If it's in the wrong spot, yada yada. Thanks.

reply to post by randomname

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Don't get your hopes up...this will never become the grand blockbuster headline in the news it should be. Hermain Cain's affairs are bigger news as far as MSM is concerned.

Also heard today that while our economy was tanking in '08 that we sent 1.3 trillion or so to European Union to bail them out.

reply to post by daynight42

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This is by far the greatest heist that has ever been pulled off in history. Who has been arrested for stealing from every man, woman and child in this nation? Nobody! No one ever will. There aren't courts for men like them. They control every branch of government. There is only one thing left to be done, and it isn't peaceful resistance! It's too bad that OWS is comprised mostly of uber-liberal pacifists who only know how to complain about being raped, without the strength of character to defend themselves or their children from being raped in the future. It is time that this movement evolves into something with some more back bone. Nothing short of revolution will bring these men to justice, not even Ron Paul in the White House could accomplish that. They simply have too much of a stranglehold on our government. The answer is 1776!
To those of you who would say that we don't have the strength to rout out these bastards, or who would defend the status quo, I quote the words of a great man to you, “If you love wealth better than liberty, the tranquility of servitude than the animating contest of freedom, go from us in peace. We ask not your counsels nor your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you, and may posterity forget that you were our countrymen!” Sam Adams

reply to post by daynight42

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This all serves to undermine the dollar and devalue it through inflation. America is done ...

reply to post by angeldoll

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Granted the "money" is likely just computer bytes. But is not without consequence. You see it still counts as real wealth, and if it leads to massive devaluation of the dollar in the future it is the little working guy like myself and probably you too that gets the rawest end of the deal.

reply to post by randomname

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they're not hoarding anything, they made up the 7.7T just like they make up all of the other money they print. It is only backed by bonds that also mean absolutely nothing.

We can thank Ron Paul for his hard work in uncovering some of these disgustingly large sham bailouts, his work also uncovered 16 TRILLION in secret bailouts to foreign banks in the past.

It's crazy that this issue isn't talked about much in the media...(Then again why would it?)

It's time to show the people how the system really works. Vote to get this T-shirt printed! I want to be a walking billboard ;-)
www.threadless.com...

reply to post by freedomspiritlife

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We could spam CNN on twitter lol.

Bloomberg's article for those who want a more "official" source.

www.bloomberg.com...

$7.77 Trillion The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

... "And on news tonight at 10 o'clock, we'll tell you a 15 second story on this to report it, but not give any relevant details."

reply to post by Dance4Life

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According to bloomberg's article, this was a request by bloomberg to find out where the TARP money went, but with the Federal Reserve fighting the release of the information, and bloomberg took it all the way to the supreme court. the fed's appeal to keep the information secret was denied by the SCOTUS in March of this year. I suspect it's taken awhile to compile all of the numbers into an article.

reply to post by syrinx high priest

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I suspect that it was more to use the excuse of "The economy's bad" to justify all the psychopathic business practices that have been rampant these last 15 years.

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