This was posted over at Wallstreet on Parade

Just saw this. I think it deserves its own thread.

archive.is...

In response to the 2008 financial crisis, the Fed introduced a hodge podge of emergency lending programs to Wall Street’s biggest banks, as well as cranking out its traditional discount window loans. While the Fed released general details of what the programs were created to do, it did not release the names of the Wall Street firms that were doing the bulk of the borrowing, or the sums borrowed by each institution. A tenacious investigative reporter at Bloomberg News, the late Mark Pittman, filed a Freedom of Information Act (FOIA) request with the Fed for the names of the banks, the amounts borrowed and the terms. Under the law, the Fed had to respond in 20 business days. The Fed stalled Pittman for six months, leading to the parent of Bloomberg News, Bloomberg LP, filing a lawsuit against the Fed in the Federal District Court in Manhattan in November 2008. Bloomberg won that suit. The Fed then appealed the decision to the Second Circuit Court of Appeals. A large number of other mainstream media outlets and groups filed an Amicus brief in the matter, in support of the release of the information.

The Fed also lost at the Second Circuit. The Fed was, apparently, too embarrassed to take the case to the U.S. Supreme Court, because President Obama’s acting Solicitor General, Neal Katyal, planned to file a brief contrary to the Fed’s position, so a group called The Clearing House Association LLC, made up of some of the very same Wall Street banks that were being bailed out by the Fed, filed their own appeal with the Supreme Court. The Supreme Court declined to hear the case in March of 2011, leaving the decision of the Second Circuit standing.

The financial reform legislation known as the Dodd-Frank Act (which was signed into law by President Obama on July 21, 2010) had forced the Fed to release the transaction details of its seven emergency lending facilities in December of 2010. When the Supreme Court declined to hear the court case, the Fed finally released the discount window transactions in March 2011.

On March 21, 2011, then Bloomberg News Editor in Chief Matthew Winkler released this statement: “At some point long before the credit markets seized up in 2007, financial markets collapsed and the economy plunged into the worst recession since the 1930s, the Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny. As only Congress has the constitutional power to coin money, Congress delegates that power to the Fed and the Fed must be accountable to Congress, especially in disclosing what it does with the people’s money.” The Dodd-Frank legislation, thanks to an amendment by Senator Bernie Sanders, required the Government Accountability Office (GAO) to conduct an audit of the Fed’s emergency lending programs. When that information was released in July of 2011, it revealed that the Fed had sluiced more than $16 trillion in cumulative loans at below-market interest rates to teetering banks. (Just three Wall Street firms, Citigroup, Morgan Stanley and Merrill Lynch, received $5.7 trillion of that.)

The GAO report notes on page two that the audit does not include the Fed’s loans made through its discount window during the financial crisis. Also, in a tiny footnote on page 2 of the GAO audit, there is this statement: “…this report does not cover the single-tranche term repurchase agreements conducted by FRBNY in 2008. FRBNY conducted these repurchase agreements with primary dealers through an auction process under its statutory authority for conducting temporary open market operations.” FRBNY stands for the Federal Reserve Bank of New York – the deeply conflicted and crony regulator of Wall Street’s largest banks, which is, literally, owned by the same banks. (See These Are the Banks that Own the New York Fed and Its Money Button.)

When the Levy Institute of Economics tallied up all of the Fed’s lending programs, including the single-tranche repurchase agreements (called ST OMO or single-tranche open market operations) and added in the Fed’s dollar swap lines, it came up with a cumulative tally of $29 trillion in emergency Fed loans.

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I know it's a lot and there is more at the article.

The key takeaways I put in bold.

The economy collapsed before the 2008 mortgage crisis and the Fed has been hiding it with infinite money. They play games with loans to keep the banks afloat with trillions and trillions of dollars.

This has been continuing since before 2008 and I think this is why our country has felt like a miserable cesspool of economic ruin for most of my adult life. There is no way to make things better as long as the Fed runs things because the Fed is completely corrupt. What the Fed is doing right now will never lead to a brighter, more prosperous future. This is life support. Our banking system has been on life support for possibly 2 decades - if not longer.

We all live in a corrupt world.

Get the SSSS on your airline ticket, welcome to the world of Big Brother is watching over you and to catch you for anything.

This was inevitable since December 23, 1913, and the enactment of the Federal Reserve Act and Fractional-reserve banking.

When this collapses, as it was designed to do, the global currency, cashless society, liberal world order will be fully forced on the world.

a reply to: peskyhumans
US is THE MOST corrupt country in the world.

The only way to change this world for the better is to have the US
population change from the self-centered

"don't tread on me"

to

"Cut the head off the snake"

( hint: You only have to cut 1%)

I am trying to respond as a member, not a moderator... but I have to include a comment on your form.

We try to limit our use of quotes as best we can... out of respect to the content creators, who presumably labor to produce the articles we find meaningful and comment worthy. I recognize the difficulty sometimes, depending on the topic, the information, and the desire to comment specifically on points within the text, or media, we are discussing.

I still applaud your effort... and recognize the terrible importance of the information you're sharing. Please accept my comment as not a criticism, but a suggestion... and thank you.

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The nature of the banking monopoly still remains largely concealed behind the facade that there are multiple entities. There really aren't. There is one bank, using the shell game of bank identity to conceal the efforts they go to to influence global affairs -and to protect their 'club members' private investments and agendas outside the entity itself.

The idea is that there is "infinite money" because it is a virtual construct, solely controlled by a group of people who profit from ever single transaction, including the 'creation' of new 'monies.' The illusion that the banks answer to the governments is the single most insidious lie every perpetrated upon an economy. Banks can kill millions at the metaphorical stroke of a pen... they can decimate economies, they can destroy cities, towns, and villages with a few simple 'or else' provisos... and the governors of nations start their tenors learning that maxim of reality as soon as they are to "wield power in the name of the people." Just ask them... but only the retired ones... because: reasons.

I hope many will examine the source and the OP carefully. And pay close attention to the dates... there is more hidden there than many might initially realize. Someday, someone, will amass the resources and talent to actually represent what goes on the the "banking world" in such a way as not to conceal the presumptive con-game that is going on - with the support of our political heroes, and our beloved "journalist activist" plying their own 'gaming' into the mix.