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Thread: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    The money given to GE was not a bribe but payment for services.

    You will remember that NBC and MSNBC were in the Obama camp solidly going all the way back to the beginning the campaign.

    NBC is 49% owned by GE.
    Last edited by Councilman; 04-01-11 at 03:12 PM.

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by dirtpoorchris View Post
    Only the brainwashed/easily tricked didn't see what the bailout was. A giant rally to pay off the go-to guys then usurp control over whatever business they paid. The FEDs appeared to have used American taxpayers as one giant bribe.
    to what end?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by Erod View Post
    I thought the stimulus was about creating jobs and pumping money into the economy. Not only did I not agree with that to begin with, but it turns out that's not where the money went at all.

    Obama gave it to GE and the banks, including several FOREIGN banks.
    One has to be careful to distinguish between the Fed's extraordinary actions (a whole range of facilities that were set up), TARP, and the two stimulus packages that were adopted by the Obama Administration, with the most recent one being agreed late last year. The Fed's Commercial Paper facility was not part of the stimulus package. It was one of the steps the Fed was empowered under its own emergency authority to take.

    Considering the global nature of finance and the United States' role as a money center, the fact that foreign institutions also tapped into the emergency facilities is not surprising. Arguably, had the facilities been restricted to U.S. institutions, various foreign institutions might well have collapsed, and then the resulting contagion might have toppled the U.S. institutions despite their having access to the facilities.

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    overlooked so far in this discussion, somewhat surprisingly, is the saliant issue raised by bloomberg in its first two paragraphs---the two years of STONEWALLING of FOIA by bernanke and the feds

    why all the secrecy, ben?

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by The Prof View Post
    overlooked so far in this discussion, somewhat surprisingly, is the saliant issue raised by bloomberg in its first two paragraphs---the two years of STONEWALLING of FOIA by bernanke and the feds

    why all the secrecy, ben?
    He gave his view on this issue a number of times during the financial crisis. For example, Bloomberg.com reported on November 18, 2008:

    Federal Reserve Chairman Ben S. Bernanke said the central bank won't disclose details of the $2 trillion in emergency loans of taxpayer funds because doing so would stigmatize banks needing the money...

    "There is a concern that if the name is put in the newspaper that such-and-such bank came to the Fed to borrow overnight for a perfectly good reason, that others might begin to worry is this bank creditworthy and that might create a stigma, a problem, and might cause banks to be unwilling to borrow, and that would be counterproductive.''

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    nov 30, 2010

    The U.S. Federal Reserve is expected Wednesday to release data on financial institutions and foreign central banks to which it made more than $2 trillion in emergency loans during the financial crisis, according to a U.S. senator who has long been pushing the Fed to be more transparent in its actions.

    Sen. Bernie Sanders, (I., Vt.) plans to hold a conference call with the media Wednesday afternoon to discuss the data.

    Sanders pushed for inclusion in financial overhaul legislation, approved by the Congress earlier this year, of a provision that forces the Fed to disclose the name of every company and foreign central bank that received aid from the Fed since late 2007. The Fed also must disclose the amount of assistance each entity received and disclose the terms under which funds were disbursed.

    When the Senate adopted Sanders’ amendment to financial overhaul legislation, he said he hoped it would lift a “veil of secrecy” that surrounds the Fed.

    The Fed is required to make the disclosure by Wednesday.
    Fed to Release Emergency Lending Details, Sanders Says - Real Time Economics - WSJ

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by Barbbtx View Post
    This is absolutely going to be our downfall if we don't stop it. We need to start shrinking government yesterday!
    Hey, don't forget those who do not work. They work for the govt too.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by Councilman View Post
    The money given to GE was not a bribe but payment for services.

    You will remember that NBC and MSNBC were in the Obama camp solidly going all the way back to the beginning the campaign.

    NBC is 49% owned by GE.
    Bernanke get a handjob?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by PeteEU View Post
    Not really.. the guy does "fuzzy" math.

    For one, the US does not make "stuff" as it once use too. It started exporting those jobs decades ago. And those that do "make stuff, make the stuff with way less people because of automation.
    So we need 3 times as many government employees for fewer workers than 50-years ago, and that with computer technology?

    Perhaps in a Communist country.

    .
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Smart move. The US made money.
    The ghost of Jack Kevorkian for President's Physician: 2016

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