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US Federal Reserve Data On Loans During Crisis Released
oDDmON oUT writes "Pursuant to a FOIA request, Bloomberg has acquired numbers from the Fed on loans made to banks and businesses during the financial crisis between 2007 and 2009. They also posted a direct link to the spreadsheets in zipped format and updated their data visualization of the lending."
first bailout!!!
Someone forgot they don't work for the Government when they approved the release.
Has the Fed saved all our deposits and most of our assets by preventing a global economic collapse?
Is Verizon a bank?
Now all we need is Slash-commentators that actually understand what the numbers mean.
Why is this a big deal? They loaned money and likely got all of it back with interest. Sure it was a bit below market rate, but I'm honestly OK with that. Individuals often are wanting handouts, not loans. Even people underwater with a mortgage likely don't want a below market loan, they want a principal reduction. There is a lot of difference between a loan and a handout.
IANAB, but I wonder why the US Federal Reserve is loaning money to foreign banks. SHouldn't that country's equivalent be insuring its solvency?
please remind me how many prosecutions there have been for the great heist carried out by these crooks at the banks ?
Individuals often are wanting handouts, not loans.
Honk! bullshit! I'm an individual. I'd go for a no interest loan any time. Are you offering?
There is a lot of difference between a loan and a handout.
Honk! bullshit! The difference is in name only. They both save you money.
The only difference between the banks and individuals is that rich powerful people run the banks, so they got the freebie loans.
...than the banks. Looks like only about $100 billion not paid back by banks, but the two government sponsored organizations are expected to have losses approaching $300 billion. SEC is now suing the former CEO's for fraud.
After this and other "bombshell" revelations by Bloomberg this year, they are apparently the only financial news organization worth its salt in the US. Kudos to them, and shame on everyone else (WSJ, FT, Economist, etc etc).
In Soviet Russia, articles before post read *you*!
While all the banks on the list were in the crapper and unable to lend cash lots of major companies borrowed from the Fed I see BMW Toyota and Ford on the list along with GE and Caterpillar Verizon and even McDonald's this sort of implies things would of been a lot worse if these companies were unable to secure funds though other means though it is odd that Korea as in the country is on the list though its for a small amount. Ford seems to of borrowed money from the Fed for there credit arm Ford Motor Credit which is not the same as the bailout to GM and Chrysler but more likely used to allow them to finance auto loans for customers and it was paid back 100% in under a year
http://www.yale.edu/law/leo/052005/papers/Warren.pdf
It calls the money which FED lent "public money." But it wasn't money lent out of the US Treasury. It was money lent by the FED itself. The fact that the loans were branded as "emergency" just made them shorter term and lower interest loans (shorter term loans would always have to be lower interest). FED's main reason for operation is to be the underwriter of all banking. It lends money to banks which then re-lend it in smaller denominations. I am still not seeing why there is this large scale attempt to create an impression that this was tax-payer money which was lent. It was money lent out of FED's reserves. One could argue that those reserves are in-name only. But that's an argument against all the loans that FED makes rather than just these specific loans.
Any guest worker system is indistinguishable from indentured servitude.
"an unprecented campaign to head off a depression"?
No, an illegal bail out for their JEWISH banker friends, paid for by the American people, all 300 million of you.
Watch "The Secret of Oz" and "The Money Masters" and then you'll understand.
All the scumbags responsible for this grand theft should be tried and punished with death, preferably by public hanging.
This is slashdot. You are expected to know that the opening inclusion symbol (left curly-brace) or, "{", is the symbol for fountains. The number 6-9 are not used, while 1-5 are warnings given by the Ring of Warning.
"Yeah...it was the numbers that were irrational, not the murderous cult of vegetarians...." -- Hippasus of Metapontum
Or alternatively, they took the $7 trillion at 0.01%, invested 250 billion of it in treasuries at 3%, then had $6.75 trillion in working capital.
In effect, he handed them $6.75 TRILLION dollars, and received $250 billion of government bonds back for the money.
Those derivatives, CDRs CDS's etc. they are just Ponzi schemes, they work only as long as they pay out less than money coming in. When that happens, they take a huge bonus to reward themselves. When it turns, they would collapse normally like any betting shop. They only pay out more than investor money coming in, because the Federal Reserve extends more and more credit against less and less assets.
When one of them gets too far ahead (e.g. lending at 40:1 where others are only allowed 20:1) the Fed gets a little embarrassed about the free money and lets that one fail.
If the Fed obeyed its own rules and only lent dollars against hard assets then none of this would be a problem. Wallstreet ponzi schemes would collapse quickly, they'd lose their assets and we'd move on. But with the Fed involved this theft (I agree it is theft) will keep going till it finally collapses into a Russian Ruble style meltdown.
You earn the value in the dollar, but Wallstreet gets to spend it, and that will continue as long as there's so much crossover between the Federal Reserve and Goldman Sachs et al.
The crossover needs to be stopped, the Fed needs to be forced to obey the rules it was constructed under (even if it means criminal sanctions against Fed officers), and Wallstreet parasites won't have any more money to lob at the Gingriches of this world.
2012 is coming. The Jewish bankers which behind Goldman Sachs and all these tyrannies, which includes their buddies in the U.S. government and the Federal Reserve, will soon meet their fate.
The Jews , self proclaimed "the chosen race" in the bible, make up 99% of the 1%. 2012 will change all that. The meeks shall inherit the planet, once again.
Twitter: @dainsanefh
There is nothing you can do. When things like these are being modded down, you know something is up.
http://www.levyinstitute.org/pubs/wp_698.pdf