Secret Fed Loans Gave Banks $13 Billion

[dellinger63]

Originally Posted by Riot

I think you're confusing this with TARP.

I'm talking about the $7.7 trillion total the Fed loaned out at below market rates that was paid back. What I'd like to see is the breakdown of what loans/profits went to US owned banks as opposed to foreign owned banks.

[Riot]

Originally Posted by dellinger63

I'm talking about the $7.7 trillion total the Fed loaned out at below market rates that was paid back. What I'd like to see is the breakdown of what loans/profits went to US owned banks as opposed to foreign owned banks.

That's what Bloomberg is trying to reveal here (although that's pretty well known already, for TARP), with their FOIA request, searching through thousands and thousands of redacted memos and trying to put two and two together.

Dell, this is $13 billion beyond TARP, before TARP, outside of TARP - multiple people lying to Congress while TARP was being approved, multiple loans to keep companies solvent and lying about it and covering it up before TARP, favors to the financial sector. We were lied to during Bush, and during Obama. Go back to the first Bloomberg article I linked. This is huge. Or should be, if the American public can rip their horror away from, "The President didn't say the word God in his internet Thanksgiving speech" for a moment. It's so easy to tell Americans what to think, to distract us, so those in power can take more away from us. "Look, a Kenyan!" Click, treat. Right now, they are trying to take away internet freedom. Are you even aware of that?

Occupy Wall Street is precisely correct: Washington is owned by Wall Street, and our democracy is over if we don't try to take it back and re-create it now.

[Cannon Shell]

It is hard to believe that $7.7 trillion dollars of below market loans to banks only netted them a 13 billion dollar profit.

[dellinger63]

Originally Posted by Riot

Dell, this is $13 billion beyond TARP, before TARP, outside of TARP - multiple people lying to Congress while TARP was being approved, multiple loans to keep companies solvent and lying about it and covering it up before TARP, favors to the financial sector. We were lied to during Bush, and during Obama. Go back to the first Bloomberg article I linked. This is huge. Or should be, if the American public can rip their horror away from, "The President didn't say the word God in his internet Thanksgiving speech" for a moment. It's so easy to tell Americans what to think, to distract us, so those in power can take more away from us. "Look, a Kenyan!" Click, treat. Right now, they are trying to take away internet freedom. Are you even aware of that?

Occupy Wall Street is precisely correct: Washington is owned by Wall Street, and our democracy is over if we don't try to take it back and re-create it now.

The vast majority of TARP money and according to the Fed all of the $7.7 trillion floated below market rates has been repaid. The $13 billon is profit, I presume(for the most part made loaning out that below market money at above market rates). The same can't be said for the $300 billion to Freddie and Fannie. This is bad, egg on the face of both dems and reps but there are bigger fish to fry IMO.

Unlike capital equity firms, REITS, banks, private investment etc etc. the government does not belong in the bailing out anything business as unlike the private sector the government has zero concern for the bottom line much less the risk involved.

Banks and alike who became investors in mortgage securities based on hope instead of sound business logic should have been forced to sleep in the beds they made. The same with those who signed mortgages with no money down and or cash back at signing.

Just as there should be no such thing as too small to succeed there should be no such thing as too big to fail. At least we can learn from our mistakes and say never again.

[Cannon Shell]

Originally Posted by dellinger63

The vast majority of TARP money and according to the Fed all of the $7.7 trillion floated below market rates has been repaid. The $13 billon is profit, I presume(for the most part made loaning out that below market money at above market rates). The same can't be said for the $300 billion to Freddie and Fannie. This is bad, egg on the face of both dems and reps but there are bigger fish to fry IMO.

Unlike capital equity firms, REITS, banks, private investment etc etc. the government does not belong in the bailing out anything business as unlike the private sector the government has zero concern for the bottom line much less the risk involved.

Banks and alike who became investors in mortgage securities based on hope instead of sound business logic should have been forced to sleep in the beds they made. The same with those who signed mortgages with no money down and or cash back at signing.

Just as there should be no such thing as too small to succeed there should be no such thing as too big to fail. At least we can learn from our mistakes and say never again.

While in principle a lot of what you said is true the fact remains tht the govt is still run by pols and the political influence into everything the govt touches will not change

[clyde]

Originally Posted by Cannon Shell

While in principle a lot of what you said is true the fact remains tht the govt is still run by pols and the political influence into everything the govt touches will not change

!!!! bark-bark!!!!




http://www.youtube.com/watch?v=aLtDFeuVPtI

[Cannon Shell]

Originally Posted by clyde

!!!! bark-bark!!!!




http://www.youtube.com/watch?v=aLtDFeuVPtI

Those are japanese breds

[clyde]

Thud!

[dellinger63]

Originally Posted by Cannon Shell

While in principle a lot of what you said is true the fact remains tht the govt is still run by pols and the political influence into everything the govt touches will not change

I suppose the only way to rectify the situation is to limit what the government touches and the funds/credit it has access to.