Fed Refuses to Disclose Recipients of $2 Trillion - Source from bloomberg.com
Now THIS should trigger our suspicion levels quite a lot.The news is quite old,but still people have got to know this.
I wonder why there isn’t any more media coverage on this.:dubious:
I also wonder if anybody can really find out more about this.
If Bloomberg can’t get the information via FOIA requests, what makes you think some random dude on the tubes is going to have a credible answer?
I might as well try my luck,it’s better than not trying.Even if no one can find the answer,this should get more attention.
It is none of your business. Trust them. Just because they destroyed the economic system does not mean they are all bad.
I find that difficult to believe. Shouldn’t it be our business since they’re using the american citizen’s tax money.
He’s being ironical.
I’m not normally one for conspiracy theory, but My God. The recent events sure feel like the Bush Administration is simply plundering the coffers before they leave. They ram through an appropriations bill with no accountability, no records, and apparently no ceiling. For all we know, it’s simply going into the personal accounts of everyone Bush and Cheney ever met.
Maybe I’m exaggerating, but perhaps not by much. The truth certainly seems to be that trillions are going to the same corporations to whom Bush has given tax breaks, no-bid contracts, and deregulations for the last 8 years. Those trillions were meant to reduce the burden on tax payers and homeowners, but there’s no evidence that’s what’s actually happening with the money.
Well, if one wanted to be charitable, there is probably more than a grain of truth to this paragraph in the article:
For a shaky financial institution, having Bloomberg scream “XYZ is having to tap the Fed for funding” would probably make a bad situation much much worse.
However, after eight endless years of corruption, incompetence and mule-headed stubborness I have to say that nowadays a knee-jerk assumption that something fishy is going on is pretty much the recommended course of action.
WAG - The entire system is being held together with baling wire, chewing gum and duct tape. I’m betting things will magically fall apart shortly after January b20th, 2009.
Hi everybody, I know that this is an old thread but I saved it at the time and after rereading it, I am wondering if there is more information available now? 2 Trillion sure is a lot of Money…
“WAG - The entire system is being held together with baling wire, chewing gum and duct tape. I’m betting things will magically fall apart shortly after January b20th, 2009.”
That did not happen but it is still a very unstable situation as of now.
The same news media that suppressed the information that you wanted back in 2008, is now editing 911 emergency tapes for their own nefarious purposes, and political correctness prevents internet forums from even discussing the problem.
I haven’t read it yet, but “Reckless Endangerment” by Gretchen Morgenson claims to provide some insight into the Fannie Mae/ Freddie Mac circus.
In fact, there is more information now. An FOIA request was eventually approved.
The most important thing to remember about this information is that it is cumulative. A bank can borrow a billion dollars, and when it’s time for the loan to come due, the bank could potentially roll over that loan and borrow the same billion again. So the total amount outstanding at any one time would be only one billion, but counting the two loans together we would get 2 billion. Roll the loan over again, and it’s 3 billion total, even though only one of that three is actually being borrowed at a single point in time. This happened again and again and again, so the total face value of all loans issued is significantly higher than the amount outstanding at any one time. The above link is a list of all the loans as of December, 2010.
I don’t know if there’s any convenient list of banks and loan sizes for the total amount outstanding at any single point of time.
What? No links to sites where we can watch The Avengers online? Shame on you! 
Hellestal is right as usual, but I want to state the point more directly.
The Fed never at any time walked up to anyone with a fistful of dollars, much less “the same corporations to whom Bush has given tax breaks, no-bid contracts, and deregulation,” and said, “here, go have fun while the little people starve”. There was never anybody the “Fed paid $2 trillion to.” That’s a complete misunderstanding of what happened.
The Fed is responsible for the stability of the banking system. The banking system absolutely depends on both its continuing ability to make money available to those who need it - and the system requires that the money be available immediately and for times as short as overnight - and the continuing belief of everyone involved that the money will be there tomorrow as well. Without that ability, the system will collapse. We saw it here during the Depression, we’ve seen it in other countries more recently. You don’t want to live through that. You should want the powers that be to go through extraordinary lengths to avoid that.
That’s what happened in 2008 under Bush, and in various other forms through the beginning of Obama’s administration. You can of course argue whether the specific extraordinary lengths that were used were the correct ones, and you have hindsight to benefit you if you choose. I’m not remotely capable of contributing to that argument. If you want to try, the exact same news media who are being accused of having “suppressed the information that you wanted back in 2008” are the ones who made the information you need for your argument available. But I have been completely convinced of the need to take some actions of the sort that were actually taken.
Yes, the rich always find ways to make out better than the poor. Is that news? Since I am not in the least rich I preferred living through a recession rather than a Depression. I bet you did too.
It was me. They gave it to me and I lost it all at the Preakness. They didn’t want you to know. Stupid Street Sense!
So the answer to the question was, “the banks”.
I don’t think I am off base here, but someone let me know if I am.
Someone above mentioned the Fed using our tax money. This is not correct. The Fed is not the US treasury. The Fed makes money, they don’t need your money to lend money.
I think the other definition of “Fed” is being used. The Federal government.
No it’s not. From the OP’s link:
Oops, my bad. That’ll teach me to pop off before reading links.