Fed Lies Unravel … Bank Board Gave US$ 4 Trillion in Loans to Its Own Institutions
Tuesday, June 19, 2012
A report just released by the US Government Accountability Office explains how the Federal Reserve divvied up more than $4 trillion in low-interest loans after the fiscal crisis of 2008, and the news shouldn’t be all that surprising. When the Federal Reserve looked towards bailing out some of the biggest banks in the country, more than one dozen of the financial institutions that benefited from the Fed’s Hail Mary were members of the central bank’s own board, reports the GAO. At least 18 current and former directors of the Fed’s regional branches saw to it that their own banks were awarded loans with often next-to-no interest by the country’s central bank during the height of the financial crisis that crippled the American economy and spurred rampant unemployment and home foreclosures for those unable to receive assistance. – RT
Dominant Social Theme: It is necessary for Fed board members to bail out their own banks. That’s what it is there for.
Free-Market Analysis: “Quantitative Easing” … “Operation Twist” … “Discount Window” … The mavens at the Fed have so much jargon at their disposal.
Not anymore. This is really simple to understand – see above.
Fed board members gave trillions to their own banks so the would survive the crisis of 2008.
They gave their own banks money. They put their own banks first. This is not hard to grasp.
It’s cronyism. It’s an abuse of power. It’s criminal.
The Fed bankers can argue that they are SUPPOSED to hand out gobs of money. That’s its public mandate.
But if they argue this way, they’ll only remind the public of what they’ve done.
If they shut up about it, they’ll look guilty as hell. As well they should.
Talk about a no-win situation.
The bankers will try to obfuscate using incomprehensible terminology. But it won’t work.