This miserable attempt to save face displays your desperation.
You are labeling the discount window and Fed funds overnight market as "secret"! Which of course is nonsense.
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:
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.
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!
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.
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.
Technically, it is not because the same counting techniques were not held constant throught the summary.
Never said they were lies, only intellectually dishonest.
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.
On page 143, you will see these funny little things called words. Learn to read them!
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.
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.:gunsmilie