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

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

    Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret - Bloomberg

    U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.

    Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request. Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion.

    The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.
    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.
    Last edited by Erod; 04-01-11 at 12:27 PM.

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

    This whole banking-FED-bailout business is a total cluster-**** for the US, and consequently the American taxpayer.
    "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)
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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    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.
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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.

    If this money didn't go to stimulate our economy, what makes liberals think higher taxes will be applied to the national debt?

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

    Quote Originally Posted by Erod View Post
    If this money didn't go to stimulate our economy, what makes liberals think higher taxes will be applied to the national debt?
    Wishing for liberals to spend money in the right places, is to wish for what never was and never will be.
    "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)
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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    This is astounding.

    More Americans work for the government than in manufacturing, farming, fishing, mining, forestry, and utilities combined.

    Stephen Moore: We've Become a Nation of Takers, Not Makers - WSJ.com

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

    Quote Originally Posted by Erod View Post
    This is astounding.

    [B]More Americans work for the government than in manufacturing, farming, fishing, mining, forestry, and utilities combined.[/B]

    Stephen Moore: We've Become a Nation of Takers, Not Makers - WSJ.com
    This is absolutely going to be our downfall if we don't stop it. We need to start shrinking government yesterday!
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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by Erod View Post
    Obama gave it to GE and the banks, including several FOREIGN banks.
    They all paid it back. What's the fuss?

    The fed propping up he financial system during the meltdown is how we designed our system. Our out of control spending, debt, and entitlements, is not an issue with the fed.

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

    Quote Originally Posted by Erod View Post
    This is astounding.

    More Americans work for the government than in manufacturing, farming, fishing, mining, forestry, and utilities combined.

    Stephen Moore: We've Become a Nation of Takers, Not Makers - WSJ.com
    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. Plus it depends a lot on what the definition of "manufacturing" is. Because some numbers claim that the US manufacturing sector is over 10 million people... (14 million in 2004 according to What Accounts for the Decline in Manufacturing Employment?), and that alone is over double the amount of people in the federal government...and it has been declining for decades.

    Secondly, farming and fishing in the US is mostly "industrial", as in less people make more. The classic family farm is no more (relatively) and the massive big farm is here to stay. And fishing boats are not exactly the row boats of the past any more.

    Thirdly, mining is another industry that has gone technical, which means less people. Gone are the days of sending children into mines and welcome to the 20th/21st centuries of industrial mining.

    Fourth.. forestry, again.. welcome to the 20th/21st century. It has also never really been a huge industry that demanded massive numbers of people.

    And lastly "utilities". Again, another industry that does not require many people

    Now if we look at "government".. then you 2.8 million in the federal administration, 182k in Homeland Security (http://www2.census.gov/govs/apes/09fedfun.pdf) , and 1.47 million in the US military (http://siadapp.dmdc.osd.mil/personnel/MILITARY/ms0.pdf). That is about 4.5 million people.

    Then you have to add the local government employees which according to http://www2.census.gov/govs/apes/09locus.txt is 11.1 million full time employees, and then state http://www2.census.gov/govs/apes/09stus.txt which is 3.8 million.

    So the only way you can get to the number he claims, is if you add part-time employees as well.

    Now the question is.. is 17 million employed by "government" too much? Considering it is on every freaking level of government, the US president down to street cleaners and garbage collectors across a country the size of the US with 300 million people.. then well...
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    Re: Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

    Quote Originally Posted by Erod View Post
    This is astounding.

    More Americans work for the government than in manufacturing, farming, fishing, mining, forestry, and utilities combined.

    Stephen Moore: We've Become a Nation of Takers, Not Makers - WSJ.com
    If one references the latest employment data (released earlier today), specifically Table B-1, one finds that Mr. Moore's analogy does not accurately represent the American employment situation. In March 2011 (latest data), there were 107.360 million persons employed by the private sector. In contrast, there were 22.547 million persons employed at all levels of government. Put another way, the private sector accounted for 82.6% of all non-farm employees and there were nearly 4.8 private sector employees for every public sector employee.

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