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Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms
See, this stimulus money was never intended to create jobs. It was to bail out banks (and friends of the administration).
Change we can believe in. Puke.
I wonder how much went into Democratic campaign slush funds, too?
But the extent of the lending to major banks - and the generous terms of some of those deals - heighten the political peril for a central bank that is already under the gun for a wide range of actions, including a recent decision to try to stimulate the economy by buying $600 billion in U.S. bonds.
"The American people are finally learning the incredible and jaw-dropping details of the Fed's multitrillion-dollar bailout of Wall Street and corporate America," said Sen. Bernard Sanders (I-Vt.), a longtime Fed critic whose provision in the Wall Street regulatory overhaul required the new disclosures. "Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations. As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions."
The Fed launched emergency programs totaling $3.3 trillion in aid, a figure reached by adding up the peak amount of lending in each program.
See, this stimulus money was never intended to create jobs. It was to bail out banks (and friends of the administration).
Change we can believe in. Puke.
I wonder how much went into Democratic campaign slush funds, too?