You are labeling the discount window and Fed funds overnight market as "secret"! Which of course is nonsense.Did you provide evidence of conspiracy? Unawareness is not conspiracy.
I actually researched the the GAO report, found the figures, and located the discrepancy to which the counting techniques were manipulated to make the total loan amount seem larger than it should. Instead of looking at the pictures, i actually read this section of the report to which it stated:So we have gone from me stating there were 16 trillion dollars in secret bailouts to ... your request for info whom was it loaned to, liability, and are their any defaults. And the FED not having 16 trillion. And a lesson in banking for me. Bank of America taking 1 day loans for 100 billion 160 times ... So I misrepresented notional amounts and you as yet had no info on the loans.
I am not sure if you have a reading comprehension problem, little interest in understanding the subject, or a little bit of both; but it should be obvious to anyone as to why the total figure of $16 is intellectually dishonest.Table 8 aggregates total dollar transaction amounts by adding the total dollar amount of all loans but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding. For example, an overnight PDCF loan of $10 billion that was renewed daily at the same level for 30 business days would result in an aggregate amount borrowed of $300 billion although the institution, in effect, borrowed only $10 billion over 30 days. In contrast, a TAF loan of $10 billion extended over a 1-month period would appear as $10 billion. As a result, the total transaction amounts shown in table 8 for PDCF are not directly comparable to the total transaction amounts shown for TAF and other programs that made loans for periods longer than overnight.
Do you understand what "but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding." means?
Your ignorance is brewing. Primary dealers have had the ability to access the fed funds market and discount window since way before this this report came about. In fact, any member bank that is running below their required reserve ratio is basically required to go to either of these sources. An institution such as Deutche Bank is in fact a primary dealer!Basically ... look for your self if you are interested. Foreign and national interests were helped.
If the counting techniques were applied throughout all lending facilities, i have little doubt they could have come up with a number of $40 trillion. None the less, such practice is not a GAAP.
The fed funds market and discount window is not a bailout. Instead, they are an aspect of how the Fed conducts monetary policy.Now that's a doozy ... a loan is not a bailout.
Nothing you posted above is of importance, because the Fed is mandated to act independent of political will. When Bank of America makes a loan to a Japanese company operating in the U.S., should this be considered a bailout or worthy of being national news? In fact, the only news sources that featured this "story" are associated with fringe elements.The FED expectations as a lender have what to do with the amounts they loaned? 16 Trillion reduced to to 16 Billion? Were the loans secret? Did anyone in government have knowledge of these loans? Did any of these loans make it into a newspaper?
Technically, it is not because the same counting techniques were not held constant throught the summary.Actually 16 trillion is technically correct ... that was the amount of the loans.
but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding.Never said they were lies, only intellectually dishonest.If you would like to prove the GAO report of 266 pages is a lie ... step up to the plate.
An overnight loan is certainly not a bailout! That much should be crystal clear, otherwise every time the Fed expands it's balance sheet, it is bailing out financial institutions.So is an overnight loan ... not a loan? Is it the money fairy come to visit you in your sleep?
On page 143, you will see these funny little things called words. Learn to read them!Page 144 of the report ... see that little number in the lower right hand corner ... that's the loan amount.
sanders.senate.gov/imo/media/doc/GAO Fed Investigation.pdf
So when i trade on my margin account, essentially Interactive Brokers is giving me a bailout because it is in fact an overnight loan (technically speaking, it is a function of the brokerages overnight money market sweep). Of course not.This is where I have to explain to an economics expert that a loan is a bailout. You didn't actually respond to this did you?
The political motive behind this audit cannot be denied (See Ron Paul). Therefore, i find it hilarious that you have essentially opened your mouth and inserted your foot thigh deep. Next time you want to make a statement, make sure to have enough ammo to back it up.This is where I have to explain to you it was a one time audit the FED was trying to avoid. See when you have no oversight ... you can do what ever you want ... like 16 trillion in secret loans.