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Thread: Secret Fed Loans gave banks 13 billion

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    Re: Secret Fed Loans gave banks 13 billion

    Audit the Fed. and then jail Bernenke and Geithner.

    j-mac
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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by j-mac View Post
    jail Bernenke and Geithner.

    j-mac
    Not that I'm very happy with them either, but on what Charge?

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by 1Perry View Post
    I understand your point but we are speaking ungodly numbers here to try and keep the previous bogus numbers afloat. This is why I understand the pissed off people of OWS.

    The markets were grossly inflated. Rather than allow them to find a natural sustainable figure the Fed's only concern was in getting them back up to the previous highs so all their cronies were made whole again.

    Nothing was done to make those struggling on main street whole other than some crumbs. The Fed believes that Wall Street = economy. I disagree. Very strongly. Wall Street is now just pushing papers trying to create the next bubble.
    What should our government do? Allow Wall Street to crash as well? The government allowed Americans' largest investment of their lives to get wiped out. (Real estate) Now they should sit and do nothing while their 401K's, pension funds, IRA's and other investment vehicles go down the toilet?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by Jetboogieman View Post
    Not that I'm very happy with them either, but on what Charge?
    Start with currency manipulation, and go from there. I am sure there are people qualified with the knowledge of the laws surrounding this sector of our government to make the appropriate charge.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by Rhapsody1447 View Post
    We don't refuse to see this, we just like to respond with facts when people think that the US taxpayer footed a $700 billion loss. Obviously, accountability, moral hazard, and bad precedence are all intangible costs of the rescue of the financial system but it doesn't mean we should ignore the benefits either. Keep reading and you will get to the "Core Function" paragraph:
    Yes, it's full of ****. Absolute ****. PLease allow me to rephrase.

    Supporting financial-market stability in times of extreme market stress is a core function of central banks,” says William B. English, director of the Fed’s Division of Monetary Affairs.

    You can not stabilize bubbles that have been created out of nothing for the most part. It's money we didn't have pumped into the markets and it crashed as it has to. The Fed believes they must prop up these inflated numbers. That's great for those who profited greatly by these bubbles and bad for main street.

    No, we needed to allow things to find their natural bottom. Yes, that would have hurt temporarily, but we are only creating a system that is going to be forced to eat itslef it with more and more and more money pumped into it to keep it afloat. Yes, Goldman Sachs will be able to continue to pay out their multi million dollar bonuses but it will be a the cost to main street of $5.00 (and rising) gas and $2.00 (and rising) loafs of bread.
    Last edited by 1Perry; 11-29-11 at 11:00 AM.

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by MaggieD View Post
    What should our government do? Allow Wall Street to crash as well? The government allowed Americans' largest investment of their lives to get wiped out. (Real estate) Now they should sit and do nothing while their 401K's, pension funds, IRA's and other investment vehicles go down the toilet?
    Funny that. The government had no problem with allowing main street to "lose" so much of their wealth in housing but they made sure the big banks lost nothing. Yes, it's a bitter pill to take but one we are going to have to take. Look at Europe. "We have solved the problem" "Europe's problems escalate". "We have solved the problem" "Europe's problems escalate".

    We can NOT simply inflate ourselves out of this problem and not create an absolute mess for main street. Much of your 401K was built on the grossly inflated markets. Yes, you are going to lose there. Why shouldn't you?

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by Jetboogieman View Post
    Not that I'm very happy with them either, but on what Charge?
    At the least they BOTH should be fired.

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    Re: Secret Fed Loans gave banks 13 billion

    The sheer size of the program in 2008 is due to the extreme global credit crisis completely unprecedented in modern financial history.
    Sure...I'm not against the bailouts, a collapse of the banking system would of been (in my opinion) the end of the modern US economy.

    It's not about return to the US government. It's not about the money eventually being paid back. It's the issue of large banks having unlimited capital at a very cheap price via the US government. It's the fact it's done secretly and only has come to light via journalists fighting to get this information. It's the issue that we've virtually created "too big to fail" banks that are virtually national banks ran for profit for private interests. The idea that the financial industry is in any way a "private" entity is laughable.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by j-mac View Post
    Start with currency manipulation, and go from there. I am sure there are people qualified with the knowledge of the laws surrounding this sector of our government to make the appropriate charge.


    j-mac
    Being genuine here, trying to find laws on the books against currency manipulation and can't find any except some vague WTO and IMF policies that you wouldn't want to apply to your country anyway.

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    Re: Secret Fed Loans gave banks 13 billion

    don't attempt to paint the entire concept of the Federal Reserve providing liquidity to the financial system as some sort of free money via secret bailouts for the entire world.
    It doesn't take much "painting". Using the term "providing liquidity" doesn't change anything. That is the goal of people in the Fed but the action taking provides virtually free money to large US banks.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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