Wall Street’s Crisis Began Four Months Before the First Reported Death from Coronavirus in China; Here’s the Proof

Saturday, March 21, 2020
By Paul Martin

By Pam Martens and Russ Martens
March 19, 2020

pundits are all over cable news, repeating the mantra that “this is nothing like the last financial crisis,” while seeking to lay the blame for all of the newly-announced bailout measures for Wall Street at the feet of the coronavirus. But in terms of Wall Street privatizing profits and socializing losses, this is exactly like the last financial crisis.

Wall Street’s crisis has a specific launch date: September 17, 2019. That’s when the Fed, for the first time since the last financial crisis, began dumping hundreds of billions of dollars a week into Wall Street’s trading houses. That program, called “repo loans,” now tallies up to more than $9 trillion in cumulative loans made to Wall Street at super-cheap borrowing rates. The first article we wrote on that Fed program was dated September 18, 2019 and titled: The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You.

September 17 was almost four months before the first death from coronavirus was reported in China on January 11, 2020 and five months before the first death was reported on February 28, 2020 in the U.S. (See the New York Times coronavirus timetable here.)

One half hour before midnight yesterday, the Federal Reserve Board of Governors quietly rolled out one more in a string of bailout measures it has been announcing since Sunday night to deal with Wall Street’s decade long gorging on speculative debt, derivatives, stock buybacks, obscene pay, and its serial crime spree. Each one of these Fed programs is identical, or almost identical, to the programs the Fed operated during the 2007-2010 financial crisis. If this were truly “nothing like” the last financial crisis, why would the Fed be using the identical measures to try to stem the crisis? The truth is that Wall Street is not going to let a national emergency go to waste. It’s going to maximize bailing itself out while the public’s attention is focused on a national crisis. (See The Untold Story of 9/11: Bailing Out Alan Greenspan’s Legacy.)

The Rest…HERE

2 Responses to “Wall Street’s Crisis Began Four Months Before the First Reported Death from Coronavirus in China; Here’s the Proof”

  1. Attn: Paul Martin

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