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Thread: Secret Fed Loans gave banks 13 billion

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by iliveonramen View Post
    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.
    It was more than free. The Fed was then paying interest to the big institutes on this money. So the Fed gave them money for nothing and then paid them interest on it.

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    Re: Secret Fed Loans gave banks 13 billion

    So...there is maybe a REASON banks/brokers have been greasing political campaigns (just like all the 'green' energy companies)? I am shocked I tell ya.

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by 1Perry View Post
    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?
    You're right, actually. Wipe out taxpayers' home equity. But save the big banks. Trouble is, once the first happened, the second would have been a true death blow. Where I think our government went wrong was in not putting a lot more strings on their bailouts...one of the most important being multi-million-dollar bonuses. Don't know how they could've done that...but in hindsight, Main Street would have reacted better.


    Thank you, Quazi!

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by Jetboogieman View Post
    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.
    Well, I am not a lawyer, nor am I in government. I am just a citizen that pays taxes that watches MY money go for this crap, and thinks there should be something in place to prevent this kind of stuff. Unless you think it is perfectly fine for our government to just do what ever they wish to do with your money without accountability.


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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by j-mac View Post
    Well, I am not a lawyer, nor am I in government. I am just a citizen that pays taxes that watches MY money go for this crap, and thinks there should be something in place to prevent this kind of stuff. Unless you think it is perfectly fine for our government to just do what ever they wish to do with your money without accountability.


    j-mac
    I never said that, I was merely pointing out that unfortunately there is no way to charge them with anything at the present time.

    One reason why people like Ron Paul gets so irate is because the Fed Reserve has extraordinary powers that aren't really legal or illegal. It's a massive grey area of the Federal Government without a whole lot of oversight.
    #ZumaMustFall

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by MaggieD View Post
    You're right, actually. Wipe out taxpayers' home equity. But save the big banks. Trouble is, once the first happened, the second would have been a true death blow. Where I think our government went wrong was in not putting a lot more strings on their bailouts...one of the most important being multi-million-dollar bonuses. Don't know how they could've done that...but in hindsight, Main Street would have reacted better.
    It would have been easy. Let's put aside the fact that it should not have been done this way, but let's argue for a moment we had to.

    Government: You suck and are an absolute failure but despite that we are going to save you. The only problem, all your old contracts are null and void and you'll work under our conditions. You are free to refuse but then we will not step in. Sink or swim on your own.

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by j-mac View Post
    Well, I am not a lawyer, nor am I in government. I am just a citizen that pays taxes that watches MY money go for this crap, and thinks there should be something in place to prevent this kind of stuff. Unless you think it is perfectly fine for our government to just do what ever they wish to do with your money without accountability.


    j-mac
    Another good point. Absolutely nothing has been done to stop this from happening again. Look at what Corzine did. Odds that he is ever charged with anything? No, they did not get bailed out this time (that we know about). But stuff like this continues to make people have absolutely no faith in our markets.

    Corzine was able to bet other people's money all without their knowledge. You want to put your money into this sort of markets?

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    Re: Secret Fed Loans gave banks 13 billion

    My big question is...where's Anonymous now? Here's a nice, fresh new target for you....go get em.
    "Half full or half empty doesn't matter. What matters is, you've only got half a glass...so what are you going to do about it?" - Me
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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by 1Perry View Post
    Another good point. Absolutely nothing has been done to stop this from happening again. Look at what Corzine did. Odds that he is ever charged with anything? No, they did not get bailed out this time (that we know about). But stuff like this continues to make people have absolutely no faith in our markets.

    Corzine was able to bet other people's money all without their knowledge. You want to put your money into this sort of markets?
    Corzine is a scumbag and a criminal. Chances are much higher now that he will see day in court after they put ex-FBI Director Louis Freeh on the case.

    MF Global’s Bankruptcy Trustee Set to Be Ex-FBI Director Freeh - Businessweek

    I still fail to see the connection you draw between blatant securities fraud and the existence of a central bank. People seem to blur the lines between bailouts from the federal budget and "bailouts" from the Fed's printing presses. The former comes directly from taxpayer's pocket and the latter steals from the value of the dollar itself. They also fail to differentiate between expansion of the Fed's balance sheet with loans from the Term Auction Facility. The former is an expansion in the money supply itself while the latter contracts itself when the loans are repaid.

    action taking provides virtually free money to large US banks.
    I should clarify that when I said free money I was referring to injections of capital (primarily through asset purchases). While you can definitely consider ZIR loans "free money" they should be differentiated from asset purchases.

    So the Fed gave them money for nothing and then paid them interest on it
    You have any source for this? I googled around briefly and couldn't find any credible source showing the Fed dropped interest rates below zero.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: Secret Fed Loans gave banks 13 billion

    Quote Originally Posted by Rhapsody1447 View Post
    I still fail to see the connection you draw between blatant securities fraud and the existence of a central bank. People seem to blur the lines between bailouts from the federal budget and "bailouts" from the Fed's printing presses. The former comes directly from taxpayer's pocket and the latter steals from the value of the dollar itself.
    It really is both ever since we started printing the money to buy our own debt like Weimar.

    j-mac
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